Location & Language

Zenfinex Global Limited regulated by the Financial Services Authority (FSA) of Seychelles (SD092)

Bitcoin Surges Beyond $42,000 in 20 Months

By Camilo Botia

Bitcoin (BTC) soared on Monday, briefly surpassing $42,000 to reach its highest level in 20 months. This surge was fueled by a potent mix of factors, including:

 

  • Anticipation of a U.S. Spot Bitcoin ETF: Investors eagerly anticipate the approval of a regulated bitcoin fund by the SEC, potentially as early as January. This development could open the floodgates for millions to easily invest in the world’s largest cryptocurrency, with estimates suggesting significant capital inflows in the initial days.

 

  • Bets on Fed Easing Rate Hikes: The optimism surrounding a potential relaxation of the Fed’s tightening stance on interest rates has propelled riskier assets like bitcoin. Investors are speculating on rate cuts as early as 2024, contributing to a positive outlook for Bitcoin.

 

  • Institutional FOMO: Noteworthy entities such as MicroStrategy are making substantial BTC purchases, and the resolution of legal issues for Binance has restored confidence in the industry.

 

This confluence of factors has created a “significant ascent” for Bitcoin, up 150% this year. In addition, other digital cryptos have also benefited: Ether (ETH) jumped over 6%, and other altcoins are also experiencing bullish movements. While they have yet to reach their 2021 all-time highs, the potential for further gains remains.

 

Bitcoin has maintained a bullish trend since October 26, breaking through to new highs for 2023. In November, it gained about 12%; in December, it’s already up another 11.04%, trading above $40,000.

 

The growing optimism and increased risk appetite in the cryptocurrency market have significantly driven this rally. Bitcoin is now overbought territory, as the RSI indicates; a bearish reversal and a technical pullback to $40,000 could occur at any moment.

 

However, if the optimism continues, Bitcoin could eventually reach $45,000 and then challenge a second resistance level at $48,000. Is this the start of another crypto bull run? Only time will tell. However, investors expect that with the regulatory clouds parting, the Fed potentially dovish, and institutional giants entering the arena, Bitcoin and most cryptos could keep trading higher in the upcoming year, especially considering halving will also occur in 2024.


Please note that this analysis is provided for informational purposes only and should not be considered as investment advice.

Taurex is the trading name of Zenfinex Global Limited, Stochastic Africa SL Ltd, Zenfinex Global LLC, and Zenfinex Limited.

Zenfinex Global Limited is registered in the Republic of Seychelles with registration number: 8428731-1 and is regulated by the Financial Services Authority of Seychelles (license number SD092). Its registered office address is F20, 1st Floor, Eden Plaza, Eden Island, Seychelles.

Stochastic Africa (SL) Limited is a company registered in Sierra Leone with Company Number: SL270319STOCH05271 and is licensed by the Bank of Sierra Leone under license number BSL/SAL/2023 and with the registered office at 148D Wilkinson Road, Freetown, Sierra Leone.

Zenfinex Global LLC is a company registered with the Financial Services Authority in Saint Vincent and the Grenadines under registered number 138 LLC 2019. Its registered office is Hinds Building, Kingstown, Saint Vincent, and the Grenadines.

Zenfinex Limited is a company registered in England and Wales under registered number: 11077380. Authorised and regulated by the Financial Conduct Authority under firm reference number 816055. Its registered office is 4th Floor, 4 Eastcheap, London, EC3M 1AE, United Kingdom.

*All trading involves risk.

Back

Popular Posts

Gold’s Bullish Trend: Factors and Technical Indicators Supporting Its Rise

EUR/GBP Pair: Technical and Fundamental Analysis Amidst the Downtrend

Reserve Bank of Australia Holds Interest Rates at 4.35% Amidst Declining Australian Dollar

Brief Overview of Key Economic Events from the Past Week

Lorem Ipsum

Lorem ipsum dolor sit amet, consectetur adipiscing elit.

Here are some related articles you may find interesting:

Market Insights​

December 12, 2024

Gold’s Bullish Trend: Factors and Technical Indicators Supporting Its Rise

The price of gold reached $2,726 today, marking its highest level since November 6, 2024, and it is currently trading near the $2,715 level. Gold...

Market Insights​

December 11, 2024

EUR/GBP Pair: Technical and Fundamental Analysis Amidst the Downtrend

The EUR/GBP pair continues its downward trend, having recorded 0.8240 today, marking its lowest level since March 7, 2022. This indicates a decline of around...

Market Insights​

December 10, 2024

Reserve Bank of Australia Holds Interest Rates at 4.35% Amidst...

The Reserve Bank of Australia (RBA) kept interest rates unchanged at 4.35% in its meeting today, marking the eighth consecutive month at this level. The...

Market Insights​

December 9, 2024

Brief Overview of Key Economic Events from the Past Week

Last week witnessed several significant economic events globally. In the United States, economic data showed mixed results. The Manufacturing Purchasing Managers' Index (PMI) rose to...

Ready to Elevate Your Trading Journey?

Open a Taurex account and start trading today.

We’re Sorry

Access to tradetaurex.com
is unavailable in your region

tradetaurex.com is required to abide by global laws and therefore the information on this site is not directed at residents of the United States, Canada, North Korea, Iran, Myanmar, Belgium, Spain, France, Japan, South Korea or any particular countries and is not intended for distribution to, or use by, any person in an country or jurisdiction where such distribution or use would be contrary to local law or regulation.

This site is registered on wpml.org as a development site. Switch to a production site key to remove this banner.