The current market trend suggests that the bears have frozen the crucial resistance levels at $44,200, due to which the bearish trend was assumed to be valid. While the Bitcoin Spot ETF is on the horizon, a bullish trade was expected to have made its way out. However, according to recent reports, some of the cryptos are expected to plunge in Q1 2024, which includes Bitcoin.
The crypto market capitalization is hovering within a narrow range as scepticism continues to revolve around the space. Besides, the BTC dominance is also fading away, which suggests the resurgence of a strong AltSeason. This could be a reason to be bearish on Bitcoin, but the major factor lies around the UTXO realised price distribution, which has hit 500K for levels around $43,200.
The on-chain data shared by one of the popular analysts, Ali, suggests more than 500K BTC were moved at the specified range, which is $43,200. Hence, this can be considered the pivotal level, which has to be held strongly by the bulls. Failing which, the BTC price could be expected to drop to $37,000. Hence, the bulls are required to hold the price beyond these levels to maintain a fine ascending trend.
Secondly, some reports suggest that more than 80% of all the BTC has not been moved in the past 6 months, which is also marking a new ATH. This signals growing optimism among retail traders who hope for a bull run in the coming days. Collectively, bearish clouds do hover over the Bitcoin (BTC) price but in the longer run, the token is believed to display an iconic rally.
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