Bitcoin started 2024 trading with gap-higher opening and surged near $46000, the highest levels since April

Bitcoin commenced trading in 2024 with a significant gap-higher opening, surging close to $46,000, marking its highest level since April 2022.

This notable upturn was ignited by growing optimism surrounding the potential approval of exchange-traded spot Bitcoin funds by the US securities regulator, greatly enhancing market sentiment.

The breakthrough above the top of a three-week range signaled the potential conclusion of a consolidation phase, hinting at a resumption of a larger upward trend.

A daily close surpassing the former top at 44,743 is crucial to sustain the momentum of the recent bullish surge, potentially propelling Bitcoin towards subsequent targets at 48,197 and 48,484 (the lower top of March 27, 2022, and the 61.8% Fibonacci retracement level of the downtrend from 68,911 to 15,437). Achieving this would validate the continuation of the bullish trend.

Daily indicators show a strong bullish sentiment, supporting the current trajectory. Any pullbacks are expected to be limited above the 44,500 zone, maintaining a short-term bullish bias.