After
spending
much
of
2023
stuck
near
$30,000,
bitcoin
broke
above
$40,000
last
weekend
and
has
remained
above
that
level
for
much
of
this
week.
Now
the
next
stop
could
be
close
to
$50,000.
Bitcoin
has
been
moving
more
quickly
and
persistently
for
several
weeks,
notching
new
2023
highs
more
frequently.
After
beginning
November
at
about
$34,000,
it’s
kicked
off
December
above
$40,000
for
the
first
time
since
April
2022
and
is
already
up
16%
for
the
month
already.
Chart
analysts
say
the
next
level
of
resistance
to
watch
is
at
about
$48,000.
“Bitcoin
seems
to
shoot
past
each
resistance
level
we
identify,”
said
Rob
Ginsberg,
chart
analyst
at
Wolfe
Research.
“$48,000
is
next
on
the
list.
As
momentum
turns
positive
again
and
overbought
conditions
remain
sticky,
we
feel
that
level
also
puts
up
little
fight.”
Other
analysts
identified
similar
levels.
Julius
de
Kempenaer,
senior
technical
analyst
at
StockCharts.com,
is
also
eyeing
$48,000
as
the
next
level
up.
Will
Tamplin,
senior
analyst
at
Fairlead
Strategies,
called
it
$48,600
–
if
bitcoin
can
successfully
close
above
$42,200
two
weeks
in
a
row.
On
the
downside,
as
a
group
the
analysts
are
looking
at
a
new
support
level
of
about
$38,000.
The
price
of
bitcoin
has
continued
to
climb
in
recent
weeks
in
large
part
on
optimism
surrounding
a
bitcoin
ETF,
which
would
lead
to
more
maturation
and
institutionalization
of
the
crypto
asset
class.
Specifically,
hype
is
growing
as
ETF
issuers
like
BlackRock
and
Grayscale
meet
with
the
Securities
and
Exchange
Commission
–
which
has
been
rejecting
bitcoin
ETF
applications
for
10
years
–
and
implement
agency
feedback
into
updated
filings.
“Whether
it’s
the
macro
backdrop,
ETF
excitement,
geopolitical
developments,
FOMO
or
all
the
above,
there
is
simply
a
level
of
momentum
propelling
these
moves
that
we
have
not
seen
in
awhile,”
Ginsberg
said,
referencing
the
“fear
of
missing
out.”
“Bitcoin
is
out
to
20-month
highs
relative
to
the
top
stocks
in
the
market,”
Ginsberg
said.
“We
see
this
ratio
pushing
higher
into
year
end
as
the
likes
of
the
Mag
7
continue
to
cool
off
and
[cryptos]
stay
hot.”
The
so-called
Magnificent
7
stocks
are
Apple,
Tesla,
Nvidia,
Meta
Platforms,
Microsoft,
Alphabet
and
Amazon.com.
“We’ll
be
closely
monitoring
how
much
steam
this
rally
has
left,”
he
added.
“For
the
time
being,
it
looks
like
there’s
plenty.”
—CNBC’s
Michael
Bloom
contributed
reporting
