Is $BTC going below $40K? 🤔
Here's a bullish argument on why it might not.
🧵 👇
1/ The $40K & $41.5K Support Levels
After breaking $40K around December 4th, we retested $40K next week & bounced right off it.
We've held above $41.5K for the past 3 weeks, including last week when BTC was under significant sell pressure.
2/ The Spot ETF Net Inflows
The ETFs had total net inflows of $818M within the first 2 days of trading.
So, these ETFs are serving as new bitcoin buyers and are helping suck up already limited BTC off the exchanges.
3/ $40K is an important level of psychological support
Japanese crypto exchange bitBank said that $40K has become an important level of psychological support for Bitcoin.
So, it's possible that retail & ETF buyers will see a $40K BTC as a bargain and form a buy wall that holds.
What's your take on Bitcoin's price movement?
👇Share with me in the comments below.
