Bitcoin Holds Steady Above $40K as Bulls Aim for $48K Breakout
• Bitcoin price has consolidated within a weekly supply zone from $40,423 to $47,209 for the past two weeks, showing resilience and stability.
• The weekly Relative Strength Index (RSI) for Bitcoin is at historically high levels that have preceded major bull markets, suggesting further upside potential.
• Bitcoin appears to be cooling off to allow traders to buy the dip before a potential breakout past the key $48,000 psychological barrier.
• Multiple bullish catalysts are lined up for Bitcoin in early 2024 like spot ETF approvals and the upcoming halving event.
• Upside targets include $48,000 then potentially $50,000 or even $60,000, but failure to hold $37,800 support could invalidate the bullish outlook.