The Bitcoin price has been on an upward trajectory since mid-October, with the recent surge pushing the price to a 16-month high. Investors are optimistic regarding the potential approval of Bitcoin Spot ETFs, fueling the rally. In addition to this, the breakout above the resistance trendline of the rising wedge pattern, as well as the passing of the 38.2% Fibonacci Retracement Level of the correction trend, indicate that buyers are taking control of the market and that the uptrend could last for a while, even reaching as high as $48,257. Further confirmation of this trend requires a successful push above the 50% retracement level at $42,800.



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