Bitcoin Forecast: Christmas rally on the balance for BTC as it confronts $43,860 threshold

Bitcoin (BTC) price is trading with a bullish bias ahead of the weekend that will usher in the Christmas festivities. Expectations of low trading volume abound even as traders embrace the holidays, which when coupled with typical weekend dynamics, leaves the market in a very volatile place. The king of crypto could record big moves this weekend, around December 25, and towards the year’s close.

Bitcoin (BTC) price is upside momentum in 2023 is under threat as it remains stuck within a weekly supply barrier since the onset of December. The supply barrier extending between $40,065 and $47,017 continues to hold as resistance, with its midline, $43,860, being the level to beat.

Flipping the $43,860 level into a support floor could open the expanse for a continuation of the trend, with Bitcoin price likely to test the $48,000 psychological level. In a highly bullish case, the gains could extend for BTC to tag $50,000 or in highly ambitious cases, extend a neck higher to $60,000.

The Relative Strength Index (RSI) shows that BTC is overbought, but its inclination to the north only goes to say that momentum is still rising. Also, the Awesome Oscillator (AO) and the Moving Average Convergence Divergence (MACD) are in the positive territory, showing the bulls are leading the market. These accentuate the bullish thesis.