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Bitcoin (BTC) Bulls Should Keep Eye on This Price Level

source-logo  u.today 04 December 2023 13:53, UTC

Bitcoin (BTC) sparked a new frenzy lately after briefly surging past the $40,000 resistance level for the first time since April 2022, and it is the obvious highest level for 2023. With this trend, getting carried away with FOMO — Fear of Missing Out — is likely, and top market analyst Ali Martinez has shared two key Bitcoin levels to keep an eye on.

At the time of writing, BTC is worth $41,511.85, up 5.11% in the past 24 hours, atop a 102% jump in trading volume to $32,083,399,386.

According to Martinez's chart, the next most important price Bitcoin will likely breach is $47,360. While Bitcoin's current outlook suggests retesting this price level is possible in the mid- to long term, the analysts named the $37,000 price zone as the next crucial support zone to watch.

#Bitcoin | The most important resistance area for $BTC is at $47,360, while $37,000 has now become a significant support zone! pic.twitter.com/0OpN2ZMo9e

— Ali (@ali_charts) December 4, 2023

Bitcoin's growth thus far this year has been eclectic, jumping from around $16,663 at the start of the year. The more than 150% year-to-date (YTD) gain has helped it change its narrative in no small measure. Should the coin now succeed in breaching the $47,360 level as Martinez suggested, Bitcoin might ultimately soar beyond $50,000.

Is Bitcoin (BTC) at $50,000 possible?

With Bitcoin's all-time high pegged at $68,789.63, retesting the $50,000 resistance level and more is possible, seeing as the coin has achieved this feat before.

While mainstream institutional investor interest in Bitcoin remains high, as showcased by MicroStrategy's consistent accumulations, the potential likelihood of the SEC approving a Bitcoin Spot Exchange Traded Fund (ETF) product will usher in the massive capital that the coin needs to chart an ambitious price surge.

Bitcoin, for now, has shown that while in stealth mode, it can surprise investors with its impressive price maneuvers.