•Since the approval of the Spot BTC ETF last week, it has encountered Bitcoin. The world's largest cryptocurrency, selling pressure. It saw its largest extended losing streak last month, with the price closing negative for four consecutive days.
•Bitcoin ETFs – Selling with the news event in the wake of the emergence of nearly a dozen ETFs. Featuring major players such as BlackRock Inc. and Fidelity Investments, Bitcoin saw a brief rally to a two-year high above $49,000 . However, the subsequent pullback appears to be in line with the expected “buy on the rumour, sell on the truth” reaction, as noted by Tony Sycamore. Market Analyst at IG Australia Pty. Based on chart patterns. Sycamore envisions a potential drop to the $38,000 to $40,000 range for Bitcoin.
•According to Eric Balchunas, a senior ETF analyst at Bloomberg Intelligence. The newly launched US Spot BTC ETF received net inflows of $819 million during its first two days of trading. It is worth noting that BlackRock's iShares Bitcoin Trust attracted $500 million. While the Fidelity Wise Origin Bitcoin Fund received $422 million.
•On the other hand, Grayscale Bitcoin Trust saw . Which has huge assets amounting to $26 billion and is the largest in its category. Large outflows totaling $579 million after converting to an ETF last week. It was the previous closed structure of the fund. Coupled with trading at a discount to its underlying holdings last year, it has sparked speculation about a narrowing of the gap. Which affected the Fund's recent outflows.
•Bitcoin price could retest $34,000 low Renowned cryptocurrency analyst Ali Martinez shared insights into Bitcoin's current trajectory . Pointing out the commitment to a clear parallel channel. Martinez notes that Bitcoin encountered resistance around the upper border of the channel, located at $48,000.
•Therefore, the projection indicates a rebound for Bitcoin. Targeting a minimum of $34,000. After this bounce, a subsequent recovery is expected, as Bitcoin aims to revisit the upper limit at $57,000. This analysis provides a perspective on potential price movements within the selected channel.
•In addition, Martinez also highlighted a notable development in the Bitcoin Miner Attitude Index (MPI), revealing a rise to 9.43 on January 12. A high MPI indicates that miners engaged in a higher than usual volume of Bitcoin (BTC) movements, indicating a potential bias towards sales.
•Despite the recent correction in the price of Bitcoin. Martinez advises vigilance, stressing that additional selling by miners has the potential to put further downward pressure on prices. This insight underscores the importance of monitoring miner activity as a potential impact on the broader Bitcoin market. However, some Bitcoin enthusiasts see the decline in Bitcoin price as an additional buying opportunity for $200,000 targets.
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