Crypto market patterns hint at growing support for Bitcoin

  • December 15, 2023
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Bitcoin held its support at $42,000 in the last 24 hours, creating bullish crypto market patterns that could bode well for the market shortly.

The crypto market has been range-bound in the last 24 hours, and its market cap was stable after the Fed’s policy meeting. The decision of the US central bank sent Bitcoin over $42,000 in recovery mode after its last slowdown. The latest crypto market patterns could mean a rally among altcoins in the upcoming week. BTC would likely have to hold its support over the weekend for a fresh wave of investor confidence.

The spotlight is on the Securities and Exchange Commission of the US and its approvals for the spot crypto ETFs. Gary Gensler, who heads the SEC, spoke about their stand on the crypto ETFs recently. Other experts in the crypto space have put aside claims of traders shorting crypto. In their opinion, the crypto rally could extend in 2024, sending Bitcoin to record levels.

Analysts have also been highly optimistic about stablecoins, central bank digital currencies, and other crypto-related products. Inflows into such products and other crypto funds have increased in recent times. On the other hand, Solana surged by over 6% over the previous day, with its market cap crossing $30 billion. Ethereum’s support was also rigid at $2,200.

BTC/USD 1D price chart

Bitcoin is currently trading at around $42,600 on December 15, 2023, with BTC/USD trading lower by a margin of 0.5% in the last 24 hours. Bitcoin’s market cap was trading at around $836 billion.

BTC/USD is trading higher than its 20-day EMA (40,239.00), as BTC’s 24-hour volume was at around $25.4 billion. The crypto market cap decreased by around 0.61%, trading above $1.6 trillion. BTC’s year-to-date returns are above 157.92%

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