Bitcoin (BTC) price started this week with a bullish outlook after sparking bearish sentiment last week. After rising nearly five percent over the past two days, Bitcoin price has approached a crucial short-term resistance/support level around $43,350.
Nonetheless, Bitcoin bulls still have the upper hand, increasing the likelihood of a renewed turmoil to a new yearly high in the coming two weeks. Additionally, Bitcoin's daily average trading volume has increased in recent days, coupled with the significant decline in BTC supply on centralized exchanges.
Bitcoin price analysis
According to a popular crypto analyst aka Captain Faibik on the X platform, Bitcoin bulls are on the verge of another 8 to 10 percent increase after a successful recovery in the last two days. The crypto analyst argued that Bitcoin price formed a symmetrical triangle last week and now bulls are in control after a confirmed breakout. However, the bullish scenario could be invalidated if Bitcoin price falls below $40,665 as this could raise fears of a fresh sell-off.
Favoring bullish conditions
The crypto community has increased confidence in Bitcoin's overall bullish outlook after BlackRock agreed to offer cash-settled BTC exchange-traded funds (ETFs) in the latest review. As a result, expectations of a batch release within the first two weeks of January have increased significantly. Meanwhile, crypto investors in the United States have banded together and raised around $78 million to fund the campaign for next year's congressional candidates who champion blockchain and crypto assets.
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