$Bitcoin price crumbles after spot ETF approval, but ICP, TIA, MNT, SEI and altcoins rebound

BTC price fell to unexpected lows after the spot ETF approval, but bullish price action from altcoins could be an early sign of a reversal. $BTC $ETH $BNB

There was a lot of hype built around the spot Bitcoin

BTC

tickers down

$42,290

exchange-traded funds, but when regulatory approval did not result in an upside move, traders may have decided to book profits, resulting in a sharp pullback to $41,500.

Some analysts have turned bearish and are projecting targets of $25,000 and lower on Bitcoin. While anything is possible in the markets, levels near $38,000 are likely to attract long-term investors who will keep an eye on the Bitcoin halving and the institutional inflows into the spot Bitcoin ETFs in the coming weeks.