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Bitcoin dominance has risen significantly since the start of the year and has now approached a crucial juncture. This indicates that Star Crypto enjoyed a constant rise in interest and liquidity over time. Despite this, altcoins did not face any liquidity crisis or FOMO to a large extent, as the market participants were equally engaged with other platforms. However, the trade has now approached a crucial juncture that may propel the Bitcoin price to the next level soon.
The BTC price jumped off the channel support that it held for quite a long time, indicating the resurgence of a bullish trend. Despite the recent pullback, the price continues to display bullish signals. With a successful breakout, the token accomplished a positive pattern with a complete retest of a critical level necessary for its bullish continuation.
So Will the BTC price close the yearly trade above $45,000?
In the short term, the trade appears to be in a conclusive phase and is expected to hover along the resistance. With the rally trading within a symmetrical triangle, there is both the possibility of a bullish breakout and a bearish pullback. The RSI suggests bullish sentiment could prevail, with a rise beyond the pivotal resistance at $43,263.61 paving the way for new highs before the end of the year.
Will the BTC price hit $45,000 in 2023?
The Bitcoin price is changing hands at around $42,860, with a slight decline of 0.24% in the last 24 hours, while carrying more than a 4.5% upswing in the past 7 days. The price did test the lows but did not take the liquidity beneath the lows. Hence, it can be considered that the correction seems to have ended. Further, a fine rise towards $47,000 to $50,000 is on the horizon for the Spot ETFs.
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