Bitcoin is currently approaching a significant resistance level, specifically the developing weekly 20-SMA. This situation coincides with the expected close for 2024, creating a pivotal moment for traders and investors.

Analysts suggest a balanced probability of a breakout. Surpassing Sunday’s high could indicate a bullish trend, while a rejection might lead to a pullback towards the lower end of the current bear flag range. In the wider market, stock indices have shown signs of recovery, closing with a bullish engulfing candle after a 12-day decline, which suggests potential for a short-term bounce.

Conversely, the Dollar Index has been bearish for four consecutive days and is nearing a critical support level that could trigger a rebound, complicating the market outlook. Recent regulatory developments are positive, with the SEC reportedly dropping several cases. Additionally, there are expectations of a Crypto Reserve announcement from former President Trump soon, which could significantly influence market sentiment. Key targets for Bitcoin include:

• A bullish breakout above the 2024 close
• A bearish drop back to February’s close at 84,300

Liquidation levels are also being closely monitored, with key thresholds identified above and below current trading levels.

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