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Bitcoin, the first and largest cryptocurrency by market capitalization, was hovering between $43,750 and $44,384 in early trading on Saturday.
BTC had hit a high of $44,754 the day before after a stronger-than-expected U.S. jobs report lowered the interest rate outlook for next year before the momentum faded. weakens slightly.
Bitcoin is up more than 60% since mid-October, when speculation about the approval of the Bitcoin spot ETF first emerged.
The leading cryptocurrency was trading up 0.76% over the previous 24 hours at $43,825 as investors digested its rapid rise to nearly $45,000 this week after surpassing $38,000 ago a week ago.
Despite a slight pause in BTC momentum, traders still appear to be targeting the $50,000 mark.
According to Bloombergoptions traders piled up Bitcoin bets reaching $50,000 in January, as many market analysts expect the SEC to finally allow exchange-traded funds to directly hold the cryptocurrency.
In this sense, market observers expect the current rise to continue, with Bitcoin heading towards $50,000, where options strikes cluster.
Meanwhile, the stable price of Bitcoin (BTC) has fueled capital flight to altcoins. Cardano, the eighth-largest cryptocurrency by market cap, rose 24%, while Polkadot gained about 20% and Avalanche about 22%.
On the upside, BTC’s key resistance level is $47,360. Analysts believe that if this resistance level up to $52,000 is broken, Bitcoin could reach new all-time highs.
On the other hand, crypto analyst Willy Woo sees a Bitcoin CME price gap between $39,000 and $41,000, which could indicate that Bitcoin could retest these levels in the event of a price decline.
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