Bitcoin's price has surged to an 18-month high, reaching over $44,000 and potentially heading towards $48,000. This increase is driven by buying from individual and institutional investors, resulting in a rise in open interest. Market experts and traders are optimistic about reaching $45,000 and even $50,000. The anticipation of a spot Bitcoin exchange-traded fund (ETF) approval by the US Securities and Exchange Commission (SEC) is also contributing to the bullish trend. The Bitcoin ETF Token ($BTCETF) is gaining popularity as it offers investors exposure to the potential approval of the Bitcoin ETF. However, concerns have been raised by BlackRock about the possibility of Bitcoin being classified as a security by the SEC, which could impact its trading and custody in the US market. Despite some minor dips, Bitcoin's technical analysis suggests a bullish trend, with key resistance levels at $45,000 and $45,926. Traders are advised to closely monitor these levels and the critical support at $42,429. Additionally, a list of the top 15 cryptocurrencies to watch in 2023 is provided for readers' information.
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