Bitcoin (BTC) has been hanging on to the gains made in early December, indicating that every minor dip is being purchased. CoinShares data shows that Bitcoin funds witnessed an inflow of $87.6 million in the week ending Dec. 22. 

Separately, data from exchange-traded funds (ETFs) research firm ETFGI shows $1.31 billion of inflows into crypto ETFs and exchange-traded products (ETPs) in November, bringing the total inflows for the year to $1.60 billion.

Investors seem to be accumulating Bitcoin before the anticipated approval of a spot Bitcoin ETF in January. Business Intelligence firm MicroStrategy added 14,620 Bitcoin to increase its total stockpile to 189,150 Bitcoin. The latest acquisition was made at $42,110 per Bitcoin, taking its total average purchase price to about $31,168.

Will Bitcoin and altcoins continue their northward journey in the last few days of the year? Let’s analyze the charts of the top 10 cryptocurrencies to find out.

Bitcoin price analysis

Bitcoin has been stuck between the 20-day exponential moving average ($42,513) and the overhead resistance at $44,700.

The price action of the past few days has formed an ascending triangle pattern that will complete on a break and close above $44,700. The BTC/USDT pair could then start the next leg of the uptrend toward the pattern target of $49,178.

Contrarily, if the price turns down and breaks below the triangle, it will invalidate the positive s

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Author: Rakesh Upadhyay

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