Bitcoin's price is currently hovering around $44,000 and the global crypto market capitalization has reached $1.66 trillion. The recent increase in Bitcoin's price can be attributed to discussions about Bitcoin ETFs involving major players like BlackRock, Nasdaq, and the SEC. The crypto market has experienced significant growth this month, with a 16% gain and a 165% increase year-to-date. Milestones such as Argentina's adoption of Bitcoin as its national currency and El Salvador's law offering citizenship to foreign Bitcoin investors have fueled optimism in the cryptocurrency arena. The global crypto market cap reaching $1.66 trillion and Bitcoin touching the $44,000 mark ahead of Christmas is partly due to a meeting involving BlackRock, Nasdaq, and the SEC discussing a Bitcoin ETF. Hong Kong's financial regulator, the Securities and Futures Commission (SFC), is now accepting applications for spot crypto ETFs, in contrast to China's strict stance on cryptocurrencies. This move is expected to positively impact Bitcoin's value and attract more investors. Bitcoin's market trends show strength, with a support level at $43,000 and potential resistance at $43,500, $44,700, and $46,000. The Relative Strength Index (RSI) indicates a bullish trend with potential for further growth. Bitcoin's price trajectory stays above the 50-Day Exponential Moving Average, supporting a short-term bullish trend. A breakthrough above the resistance level of $43,500 could lead to further resistance levels being surpassed.
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