Bitcoin soars notably today, and breaks 45k mark for the first time in nearly two years, signaling a resurgence in its medium-term uptrend. The flagship cryptocurrency could be gathering momentum to extend its medium term up trend at the start of the year.
Two key events are driving this optimism: the pending SEC approval for spot Bitcoin ETF products, with 14 applications currently under review, and the much-anticipated Bitcoin halving event, a code-embedded process that occurs every four years.
From a technical perspective, break of 44727 short term top indicates resumption of whole up trend from 15452 (2022 low). Near term outlook will stay bullish as long as 41511 support holds. Next target is 161.8% projection of 15452 to 31815 from 24896 at 51371.
In the bigger picture, upside acceleration as seen in W MACD suggests that rise from 15452 is an impulsive move. Hence, sustained break of 51371 would solidify the case that Bitcoin is ready to resume the long term up trend through 68986 historical high at a later stage.
