Bitcoin is currently trading around $45,280. This is the highest level the cryptocurrency has traded at since April 2022. The price support is due to market anticipation of an approval for a spot bitcoin exchange trade fund.
Bitcoin's value has increased by more than 20% since the beginning of December. This rise is connected to the approaching January 10 deadline for the US Securities and Exchange Commission to approve a Bitcoin spot ETF.
Moreover, there is an upcoming halving in April, which happens every four years or thereabouts. The coin has appreciated after the previous three halving's.
Senior Market Specialist
Russell Shor joined FXCM in October 2017 as a Senior Market Specialist. He is a certified FMVA® and has an Honours Degree in Economics from the University of South Africa. Russell is a full member of the Society of Technical Analysts in the United Kingdom. With over 20 years of financial markets experience, his analysis is of a high standard and quality.