Last week, the BTC/USD pair showed a price change in the range from $40,500 to $44,500. On December 18, the price of Bitcoin rose by 3.1%, reaching $40,542 after the previous decline. The increase was facilitated by the news about BlackRock's submission of an updated proposal for the launch of a Bitcoin ETF, which increased the likelihood of approval of the first SEC Bitcoin ETF in the United States.

On December 9, there was a slight 0.9% increase to $ 42,275, supported by Michael Saylor's statements about the potential explosive growth in demand for spot Bitcoin ETFs before halving 2024. On December 20, the BTC/USD pair added 3.29%, reaching $ 43,668, in response to the update of the historical maximum for open interest in Bitcoin options on CME.

Bitcoin Price: What to expect this week in 2023

On December 21, the price of Bitcoin increased slightly by 0.44% after a negative revision of US GDP data, which increased investors' expectations regarding the Fed's interest rate cut. But on the last day of the week, December 22, although Bitcoin closed with a slight increase, buyers failed to keep the success. After reaching 44,398, there was a sharp correction to the level of $43,412, and the BTC/USD pair ended the week with a slight increase of 0.24%, reaching $ 43,969.

Most of the time, the price hovered around $43,700 and faced resistance at $44,000 during the American session. Early in the morning on December 23, buyers again failed to overcome the $44,000 mark. Perhaps this is due to the shortening of the working week due to the Christmas holidays and the lack of significant events in the economic calendar.

An important point of the week was the data on personal consumption expenditures (Core PCE), which increased by 0.2% in November, while 0.3% was expected, and by 3.2% compared to last year. The overall index fell 0.1% in November. These data point to a slowdown in inflation and a possible reduction in interest rates by the Fed in 2024.

What to expect from the price of Bitcoin in the last week of 2023

From December 25 to December 31, the economic calendar does not portend significant events, and the days remain inactive at the end of the year. Thus, the dynamics of the BTC/USD pair will depend on technical signals, as well as on the movement of the dollar index and American stock indexes.

The time markers remain unchanged, with a growth phase that should last until January 8, 2024. Technical analysis still supports buyers, although several unsuccessful attempts to overcome the $44,500 level before the holidays forced some traders to close long positions. The support level remains at $43,300, despite temporary declines to 43,291.

Nevertheless, the price of Bitcoin has so far maintained a positive trend for the week. In general, there are favorable prospects for further price increases, and Bitcoin is focused on growing to the level of 50 thousand dollars by January 8, 2024.