- Bitcoin price has bounced back this week, regaining dominance and pushing towards $44k resistance. Bulls are aiming for $46k if the current breakout is confirmed.
- Bitcoin’s market dominance has rebounded to 53.8%, highlighting its enduring strength compared to altcoins.
- Speculation continues to build around a potential Bitcoin spot ETF approval in the US, which some argue would be the biggest news since the Bitcoin whitepaper. However, uncertainty remains around if/when approval will come.
The king of crypto is back, but for how long will it keep its dominance? Bitcoin has regained its supreme position in the market as its price shows signs of breaking out above $44k resistance.
Bulls Push BTC Above Weekly Range
After dropping to $40k earlier this week, Bitcoin bulls have staged a comeback, pushing the price back towards the top of its weekly range. The strengthening momentum has traders reconsidering the likelihood of further downside. Popular analyst Credible Crypto noted that Ethereum finding a local bottom reinforces the odds of continued upside for Bitcoin.
$46,300 Emerges as Next Target
Analyst Matthew Hyland estimates that if the current breakout is confirmed, Bitcoin could reach new 2023 highs above $46,000. He highlights a double bottom reversal pattern that used $40k as support multiple times in December. With Bitcoin now at the top of this range, the next target if resistance breaks is around $46,300. For new highs, BTC needs to overcome resistance at annual highs from earlier this month.
Bitcoin Reclaims Market Dominance
Alongside its price recovery, Bitcoin has also regained market share, with its dominance now 53.8% – up 0.8% versus the start of the week. This bounce back in dominance highlights Bitcoin’s enduring strength.
Biggest News Since the Whitepaper?
As the market awaits a decision on the first Bitcoin spot ETF in the US, bullish speculation continues to build. Investor Fred Krueger explained why ETF approval remains unpriced-in, arguing trading restrictions prevent front-running. He maintains an ETF would constitute the biggest Bitcoin news since its whitepaper, yet political uncertainty may be contributing to the lack of exuberance thus far. While the ETF would bring billions in new capital, traders appear to be awaiting concrete confirmation before repricing Bitcoin.