Better

Chair

Bitcoin

Gary

<div class="cryptonews"> 
 <p class="is-style-lead">Analysts at Matrixport say one of their trading signals has turned bearish for Bitcoin for the first time since August 2023.</p> 
 <p>In a blog post on Jan. 8, the Singapore-based crypto management firm warned traders that a decline in Bitcoin’s (BTC) price should be expected within the “next two weeks” given that the breakout attempt could fall short.</p> 
 <figure class="wp-block-image size-full">
  <picture decoding="async" class="wp-image-14235454"> 
   <source type="image/webp" srcset="https://cdn.thebittimes.com/images/2024/01/08/0de1842d2f4955fc3660b833ec7c0167.webp.webp"> 
   <img decoding="async" width="900" height="377" src="https://cdn.thebittimes.com/images/2024/01/08/0de1842d2f4955fc3660b833ec7c0167.webp" alt="Matrixport projects 7% plunge for Bitcoin within 'next two weeks' - 1"> 
  </picture> 
  <figcaption class="wp-element-caption">
   Bitcoin trading signal warning about price drops | Source: Matrixport
  </figcaption>
 </figure> 
 <p>As the crypto market has reached a consensus that the U.S. Securities and Exchange Commission (SEC) will approve spot Bitcoin exchange-traded funds (ETFs) by Jan. 10, smart money might use the approval for profit taking, analysts at Matrixport warn.</p> 
 <div class="cn-block-related-link"> 
  <svg class="cn-block-related-link__icon icon" aria-hidden="true"> <use xlink:href="#"></use> 
  </svg> <span class="cn-block-related-link__prefix"> You might also like: </span> Better Markets CEO urges SEC not to approve spot Bitcoin ETFs, analysts clap back 
 </div> 
 <p>Although leverage has been “flushed out of the market” recently and the downside is expected to be limited, the range of $36,000 – $38,000 could be retested. In January, Bitcoin’s funding rate on crypto exchanges collapsed from 66.1% down to 7.4 %, indicating that the largest cryptocurrency by market capitalization appears to be “technically vulnerable” as a sharp funding increase in early 2024 was “unsustainable,” the analysts claim.</p> 
 <p>The warning comes just a few days after Matrixport said in a blog report that “it might even be a very long shot to expect” that SEC Chair Gary Gensler would vote to approve Bitcoin spot ETFs.</p> 
 <blockquote class="wp-block-quote"> 
  <p>“An ETF would certainly enable crypto overall to take off, and based on Gensler’s comments in December 2023, he still sees this industry in need of more stringent compliance. From a political perspective, there is no reason to approve a Bitcoin Spot ETF that would legitimize Bitcoin as an alternative store of value.”</p> 
  <p>Matrixport</p> 
 </blockquote> 
 <p>Following this statement, Bitcoin quickly plunged by 10% to $40,800, according to CoinGecko data. As crypto.news reported, high-profile figures in the crypto world, such as Will Clemente and Lark Davis, pointed fingers at Matrixport for initiating the sell-off, underscoring the crypto market’s sensitivity to rumors and news.</p> 
 <p>However, Matrixport co-founder Jihan Wu later clarified that the company does not influence its reporting by analysts, indicating that the widespread reaction to the report was unexpected.</p> 
 <div class="cn-block-related-link"> 
  <svg class="cn-block-related-link__icon icon" aria-hidden="true"> <use xlink:href="#"></use> 
  </svg> <span class="cn-block-related-link__prefix"> Read more: </span> BlackRock plans layoffs amid ESG pullback and spot ETF approval 
 </div> <span class="google-news-banner__label">Follow Us on Google News</span> 
</div> 
<p>Source: <a rel="dofollow" target="_blank" href="https://thebittimes.com/matrixport-projects-7-plunge-for-bitcoin-within-next-two-weeks-tbt75880.html">https://thebittimes.com/matrixport-projects-7-plunge-for-bitcoin-within-next-two-weeks-tbt75880.html</a></p>

Matrixport projects 7% plunge for Bitcoin within ‘next two weeks’

TheBitTimes

Other articles published on Jan 8, 2024

veGOMINING: Lock Your Tokens and Earn Every Week

Bitconned: The story of Miami crypto bros facing 100 years in prison

Bitcoin: 88% US Financial Advisors Want BTC After ETF Approval

High Hopes for US Approval of Spot Bitcoin ETFs Despite Market Skepticism

Will Celestia (TIA) Reach $20 After Another All-Time High?

XPLA blockchain now supported by on-chain tokenizer platform Gall3ry

Join our free newsletter for daily crypto updates!