Technical analysis by Camellia-TF about Symbol BTC: Buy recommendation (12/16/2023)

BTCUSDT prepares for a pullback above $48,000 Dear friends, let's explore Bitcoin together today. Bitcoin has decreased by 0.8% and is currently trading at $42,844 at the time of writing. Despite a recovery, it has failed to reach $44,000 again. Currently, the cryptocurrency market is in one of its longest periods of positive market sentiment. By analyzing the daily timeframe, we can see that the price has broken out of the previous stable resistance level at $44,715. Bitcoin may potentially retrace to the 0.618 Fibonacci level ($39,863), which will determine its future trend. The upward trend is expected to continue, with Bitcoin's next target being to surpass $48,000.Comment: The current bullish sentiment towards Bitcoin comes from a wave of optimism surrounding the possibility that the Fed may have ended its interest rate tightening cycle.Trade activeComment: Recently, it was revealed that the SEC has been involved in active negotiations with rival BTC spot ETFs