/ Explore the latest Bitcoin price analysis post Spot ETF approval as BTC faces a 16.03% drop. Will it hold support at $40,850 or plunge to $35,502?
Author: Nilesh Hembade.
Date: 19 Jan 2024, 11:55 AM IST
In a turn of events eagerly awaited by the cryptocurrency community, the hype surrounding the approval of the Bitcoin Spot ETF has subsided, leading to a noticeable decline in the price of Bitcoin.
The US Securities and Exchange Commission (SEC) greenlit the listing and trading of various spot Bitcoin exchange-traded products (ETPs) on Wednesday, January 11, 2024.
Since the approval announcement, Bitcoin has experienced a 16.03% drop, plummeting from $48.9K to $41K over the course of just eight days.
Current Bitcoin Price Analysis:
As of now, Bitcoin is navigating a critical juncture as it hovers around its support level at $40,850. The unfolding scenario is poised to play a pivotal role in determining the future trajectory of the cryptocurrency. Two potential outcomes are worth noting:
- Sustaining Support: Should Bitcoin manage to sustain and find support at its current level, there is a possibility of a bullish upswing.
- Support Breach: Conversely, if the current support level is breached, the price of Bitcoin may experience a further downturn. The next support level lies at $37,756, representing a potential additional decrease of -6.83%. A subsequent breach at this level could lead to Bitcoin falling to $35,502.
The coming days will be crucial in discerning whether Bitcoin can weather the current storm or if further declines are on the horizon.