Bitcoin's Surge and Jim Cramer's Impact on Market Sentiment

3 Jan

Bitcoin (BTC) is on an upward trend, surpassing the weekly supply zone midpoint, signaling a possible continuation. However, recent remarks by CNBC's Jim Cramer added confusion. The market anticipates SEC approval, hinted by a Reuters report between January 2nd and 3rd. This, coupled with FOMO and speculative trading, boosted BTC by 7% on January 7th, breaking the $43,860 USD mark. The breach signifies a potential sustained uptrend, with resistance levels between $40,387 USD and $46,999 USD. The surge led to the liquidation of bearish positions worth $44.43 million USD, challenging the bearish outlook against the growing bullish sentiment.