Bitcoin Kicks Off 2024 with Optimism, Surges Above $45K

• At the time of writing, Bitcoin is trading at $45,502, up 6.51% in the last 24 hours.
• If the price manages to go past the $46,200 mark then the price will likely test $47,300.

Prominent Bitcoin supporter Michael Saylor has declared 2024 “The Year of Bitcoin,” a reflection of the industry’s lofty ambitions.

On December 27, 2023, MicroStrategy, headed by Michael Saylor, made a daring move by acquiring 14,620 BTC, which is worth almost $615 million. A total of 189,150 BTC is now in MicroStrategy’s possession, thanks to this purchase.

Major Developments Underway

With Bitcoin’s price going above $45K today, the year 2024 got off to a fantastic start. The cryptocurrency market is optimistic right now, which bodes well for the rest of the year. In addition, the Bitcoin halving, which is happening in a matter of months, is expected to have a significant impact.

At the same time, everyone in the cryptocurrency sector is waiting impatiently for January 10th, when potential spot Bitcoin ETF approval is expected. Matrixport recently reported that crypto traders are still quite positive, perhaps waiting for the Bitcoin ETF to be approved, since the Bitcoin funding rate has remained high.

It will be important to see how Bitcoin reacts to regulatory changes in the next few days, because several experts have warned of a possible market correction after ETF approval. 

At the time of writing, Bitcoin is trading at $45,502, up 6.51% in the last 24 hours as per data from CoinMarketCap. Moreover, the trading volume is up 109.21%

Source: CoinMarketCap

If the price manages to go past $46,200 mark then the price is likely to climb further to test $47,300 resistance level. However, if the price goes below $44,820 level, then it will likely test the $43,500 support level.

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