/ 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.
The opinions and market insights shared on CoinsProbe represent the views of individual authors based on prevailing market conditions at the time of publication. Cryptocurrency investments carry significant risk and volatility. Readers are encouraged to conduct their own research and seek professional financial advice before making investment decisions. CoinsProbe and its contributors do not accept responsibility for financial losses or decisions made based on published content.
CoinsProbe may publish sponsored articles, affiliate links, or promotional collaborations. All sponsored material is clearly labeled to maintain transparency with our audience. Our editorial decisions remain fully independent, and advertising partnerships do not influence reviews, rankings, or published opinions.
Since 2023, CoinsProbe has delivered reliable insights on cryptocurrency, blockchain, and digital assets. Our content is created by experienced researchers and analysts who follow strict editorial standards focused on accuracy, transparency, and credibility. Every article is carefully reviewed and verified using trusted sources and current market data. We provide unbiased analysis and timely updates covering everything from emerging crypto projects to major industry developments.
