Bitcoin

Bitcoin prices are dropping because miners are selling more after the ETF got approved. This is making the overall value of the cryptocurrency go down. Miners play a big role in the Bitcoin market, and their selling is impacting how the market behaves.<img src="https://i0.wp.com/cryptosheadlines.com/wp-content/uploads/2024/01/Add-a-heading-1.png?fit&#61;900%2C300&amp;ssl&#61;1" />CryptosHeadlines Platform Has Launched its Native token <a href="https://cryptosheadlinestoken.com/" rel="noopener noreferrer nofollow">Get Waitlisted Now</a>Bitcoin, the biggest cryptocurrency, has been experiencing selling pressure since the approval of the Bitcoin ETF last week. In the past month, it faced its longest <a href="https://cryptosheadlines.com/ripple-legal-chief-questions-sec-chairs-losing-streak/" rel="noopener noreferrer nofollow">losing streak</a>, closing negatively for four consecutive days. Currently, the <a href="https://cryptosheadlines.com/first-republics-banking-issues-trigger-surge-in-bitcoin-prices-above-28000/" rel="noopener noreferrer nofollow">Bitcoin price</a> is down by 0.22%, trading at $42,557, and its market cap is $834 billion.<h3 id="bitcoin-s-etf-impact-and-market-trends">Bitcoin’s ETF Impact and Market Trends</h3>Following the introduction of nearly a dozen ETFs featuring major players such as BlackRock Inc. and Fidelity Investments, <a href="https://cryptosheadlines.com/bitcoin-surges-to-become-second-largest-nft-chain-by-volume/" rel="noopener noreferrer nofollow">Bitcoin saw a brief surge</a>, reaching a two-year high exceeding $49,000. However, the subsequent downturn seems in line with the expected “buy-the-rumor, sell-the-fact reaction,” according to insights from Tony Sycamore, a market analyst at IG Australia Pty. Sycamore, analyzing chart patterns, anticipates a <a href="https://cryptosheadlines.com/crypto-decline-after-fomc-minutes-bitcoin-potentially-enters-long-zone/" rel="noopener noreferrer nofollow">potential decline in Bitcoin’s</a> value to the range of $38,000 to $40,000.Bloomberg Intelligence’s senior ETF analyst, Eric Balchunas, reports that the newly launched US spot <a href="https://cryptosheadlines.com/decentralized-liquid-staking-protocols-attract-funds-as-binance-and-coinbase-experience-700m-in-staked-ether-outflows/" rel="noopener noreferrer nofollow">funds attracted</a> a net inflow of $819 million in the initial two days of trading. Notably, <a href="https://cryptosheadlines.com/blackrocks-ishares-bitcoin-etf-disappears-and-reappears-on-dtcc-site/" rel="noopener noreferrer nofollow">BlackRock’s iShares Bitcoin</a> Trust drew $500 million, and Fidelity Wise Origin Bitcoin Fund secured $422 million.However, the <a href="https://cryptosheadlines.com/grayscale-bitcoin-trust-surges-towards-2023-highs-on-blackrock-etf-filing-buyers-rally/" rel="noopener noreferrer nofollow">Grayscale Bitcoin Trust</a>, boasting a substantial $26 billion in assets and holding the top position in its category, experienced significant outflows amounting to $579 million after its conversion into an ETF last week. The fund’s previous closed-ended structure, combined with trading at a discount to its underlying holdings last year, had <a href="https://cryptosheadlines.com/matic-outflow-sparks-speculation/" rel="noopener noreferrer nofollow">sparked speculation</a> about the narrowing gap, contributing to the recent fund outflows.<h3 id="bitcoin-s-trajectory-and-miner-activity-insights">Bitcoin’s Trajectory and Miner Activity Insights</h3>Renowned crypto analyst Ali Martinez has shared valuable insights into Bitcoin’s current path, highlighting its adherence to a noticeable parallel channel. Martinez points out that Bitcoin encountered resistance around the upper boundary of the channel, marked at $48,000.<img src="https://i0.wp.com/cryptosheadlines.com/wp-content/uploads/2024/01/cryptosheadlines002.jpeg?resize&#61;640%2C425&amp;ssl&#61;1" />Courtesy: Ali Martinez<a href="https://cryptosheadlines.com/bitcoin-hits-46000-whales-eye-quant-and-borroe-finance-in-first-mover-americas/" rel="noopener noreferrer nofollow">Also Read: Bitcoin Hits $46000; Whales Eye Quant and Borroe Finance in First Mover Americas</a>This observation <a href="https://cryptosheadlines.com/binance-leads-bitcoin-spot-volume-decline-in-september/" rel="noopener noreferrer nofollow">leads to a projected retracement for Bitcoin</a>, with a target at the lower boundary of $34,000. Following this retracement, a subsequent rebound is anticipated, aiming for Bitcoin to revisit the upper boundary at $57,000. Martinez’s analysis provides a perspective on potential price movements within this identified channel.Additionally, Martinez brings attention to a significant development in the <a href="https://cryptosheadlines.com/riot-a-bitcoin-miner-sues-rhodium-enterprises-for-26m-in-unpaid-fees/" rel="noopener noreferrer nofollow">Bitcoin Miners’</a> Position Index (MPI), which spiked to 9.43 on January 12. The elevated MPI suggests that <a href="https://cryptosheadlines.com/bitcoin-miners-70m-sell-off-next-weeks-price-forecast/" rel="noopener noreferrer nofollow">miners have been involved in a higher-than-usual volume of Bitcoin</a> movements, indicating a potential inclination toward sales.<img src="https://i0.wp.com/cryptosheadlines.com/wp-content/uploads/2024/01/cryptosheadlines003-1.jpeg?resize&#61;640%2C407&amp;ssl&#61;1" />Courtesy: Ali MartinezDespite a <a href="https://cryptosheadlines.com/key-bitcoin-technical-levels-after-recent-price-plunge/" rel="noopener noreferrer nofollow">recent correction in Bitcoin’s price</a>, Martinez advises caution, emphasizing that additional selling by miners could exert further downward pressure on prices. This insight underscores the importance of monitoring miner activity as a potential influence on the broader <a href="https://cryptosheadlines.com/bitcoin-market-plunge-confirms-spacexs-innocence-in-billion-dollar-drop/" rel="noopener noreferrer nofollow">Bitcoin market</a>. Nevertheless, some Bitcoin enthusiasts view the price <a href="https://cryptosheadlines.com/chainlink-link-a-buy-the-dips-opportunity/" rel="noopener noreferrer nofollow">dip as an additional buying opportunity</a>, eyeing targets of $200K.Important: Please note that this article is only meant to provide information and should not be taken as legal, tax, investment, financial, or any other type of advice.Join Cryptos Headlines <a href="https://linktr.ee/cryptosheadlines.com" rel="noopener noreferrer nofollow">Community</a>Follow Cryptos Headlines on <a href="https://news.google.com/publications/CAAqBwgKMLz3-wowvuzoAg" rel="noopener noreferrer nofollow">Google News</a>

Bitcoin’s Value Drops After ETF Approval; Reaches $34000?

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