Bitcoin Adoption Continues, As Bitcoin-Accepting Merchants Increased Almost Two Times In 2023

Data from Bitcoin merchant mapping provider BTC Map shows that the number of merchants listed as accepting Bitcoin (BTC) payments increased by almost three times in 2023.

The number of eateries, pubs, stores, and services that are listed as accepting the digital asset is expected to increase from 2,207 at the beginning of 2023 to 6,126 by the end of the year, according to the most recent data from BTC Map.

Source: BTC Map

Compared to the peak of 6,590 merchants in late September, there has been a slight decline.

Businesses and users can tag locations where people can pay with Bitcoin using BTC Map, which makes use of open-source mapping data from OpenStreetMap. This means that the increase may also be the result of users adding businesses to the database more regularly.

The map indicates that more merchants are accepting Bitcoin in Central and South America and fewer in Africa and Asia. Additionally, more retailers in Europe and the US were found to accept cryptocurrencies.

Based on the map, the Philippines had the highest number of merchants in Southeast Asia, while China, India, and Russia had almost no merchants at all.

Bitcoin price predictions amid spot ETF approval

It appears that Bitcoin is in the final stretch leading up to the Securities and Exchange Commission's much-awaited announcement regarding the approval or rejection of one or more Spot Bitcoin ETF filings.

Blackrock anticipates the announcement to arrive by Wednesday, but it could even happen as early as Monday. With this kind of background, bitcoin is still pushing back against the $44,000 resistance level that it has been battling since December 5th.

On January 2, a single candle managed to break above the level, but this was only temporary because the price fell again the following day. An ascending triangle has formed when the resistance and a trend line that dates back to mid-November are taken together.

A breakout could be anticipated given the bullish chart pattern, particularly in the event of a positive ETF announcement. Although there is still room for the price to move inside the triangle until the end of January, the breakout is most likely to occur much earlier.

Technical analysis

Given the favorable likelihood of the SEC announcement being approved, it's interesting to speculate about possible price movements. When looking at the weekly time frame in greater detail, it is important to see that, in the case of the 2021 bull market, the price first rose to the 0.618 Fibonacci retracement level from the bear market's bottom before falling back to test the base.

For this bull market, the same Fibonacci extension yields a price of about $48,500. Moreover, if a trend line (dashed line) is drawn from the 2019 0.618 peak, it crosses the 0.618 resistance exactly where price rejection from a confluence of both would be expected.

It really wouldn't be shocking if Bitcoin returned to the significant $30,000 support level, which serves as the foundation for phase two of the bull market, provided it adheres to and respects these levels and the price is rejected and starts a respectable correction.

A higher time frame can undoubtedly give rise to greater confidence in the adherence to Fibonacci levels, even though it is important to keep in mind that markets may not always follow an expected pattern. This is especially true when considering the 2017 bull market, which demonstrated flawless adherence to these levels.