Bitcoin has managed to reach a new high for the first time since April 2022

The market leader started 2024 with a significant increase, breaking the $ 45,000 mark for the first time since April 2022. The BTC $98,725.67 Bitcoin 4.80% Market capitalization $1.95 trillion VOL. 24 hours $6.69 billion price increase also led to a breakout of a critical horizontal resistance area.

The BTC price has been rising since October 2023. The rally led to a high of $ 44,729 in early December and triggered a breakout above long-term horizontal resistance. After that, bitcoin began to consolidate.

This week, the price of the asset has risen significantly, reaching $ 45,920. The deadline for the SEC’s decision to approve a spot bitcoin ETF is January 10, which is causing speculation about how this will affect the price of BTC.

The Relative Strength Index (RSI) is in overbought territory, but continues to grow. In addition, the indicator has not yet formed confirmed bearish divergences that would warn of further declines. Crypto traders and analysts are bullish on BTC’s price dynamics. Scott Melker remains positive due to the breakout from the symmetrical triangle.

The CryptoMichNL trader expects BTC to continue to move to $ 50,000, as this area coincides with the high of the range. He also believes that the upcoming ETF approval could be a catalyst for growth. And Shardi B suggests that after a breakout above $ 45,000, the price will gradually approach the all-time high.