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 <p class="paragraph">Bitcoin (BTC) has continued to experience a sell-off since the <a rel="noopener noreferrer nofollow" title="approval" href="https://thebittimes.com/tag/approval.html">approval</a> of a spot exchange-traded fund (ETF), failing to live up to the hype experienced before the <a rel="noopener noreferrer nofollow" title="approval" href="https://thebittimes.com/tag/approval.html">approval</a>.</p>
 <p class="paragraph">In the wake of a regulatory nod for the product, Bitcoin retested the $49,000 mark, but the asset has corrected to currently trade above the $42,000 support zone.</p>
 <p class="paragraph">The sell-off has resulted in Bitcoin losing $83.91 <a rel="noopener noreferrer nofollow" title="billion" href="https://thebittimes.com/tag/billion.html">billion</a> in market cap within five days of the <a rel="noopener noreferrer nofollow" title="approval" href="https://thebittimes.com/tag/approval.html">approval</a>. On January 10, the maiden cryptocurrency held a market cap of $915.71 <a rel="noopener noreferrer nofollow" title="billion" href="https://thebittimes.com/tag/billion.html">billion</a>, dropping almost 10% to reach $831.8 <a rel="noopener noreferrer nofollow" title="billion" href="https://thebittimes.com/tag/billion.html">billion</a> by press time.&nbsp;</p>
 <p class="paragraph">Notably, the market cap briefly peaked at $954.6 <a rel="noopener noreferrer nofollow" title="billion" href="https://thebittimes.com/tag/billion.html">billion</a> on January 11 before the sell-off accelerated.</p>
 <figure class="wp-block-image aligncenter size-full"><img decoding="async" width="989" height="562" src="https://cdn.thebittimes.com/images/2024/01/15/1e7a842f7d1db8259e0dfe7bc99dfc1d.webp" alt class="wp-image-149288" srcset="https://cdn.thebittimes.com/images/2024/01/15/1e7a842f7d1db8259e0dfe7bc99dfc1d.webp 989w, https://cdn.thebittimes.com/images/2024/01/15/1e7a842f7d1db8259e0dfe7bc99dfc1d.webp 300w, https://cdn.thebittimes.com/images/2024/01/15/1e7a842f7d1db8259e0dfe7bc99dfc1d.webp 768w" sizes="(max-width: 989px) 100vw, 989px">
  <figcaption class="wp-element-caption"><em>Bitcoin five-day market cap chart. Source: CoinMarketCap</em>
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 <p class="paragraph">Indeed, the failure of Bitcoin to build on the ETF hype has resulted in questions regarding the need for such products.&nbsp;</p>
 <h2 class="wp-block-heading" id="h-what-next-for-bitcoin">What next for Bitcoin?</h2>
 <p class="paragraph">With a focus on the Bitcoin trajectory, trading expert <em>AlanSantana</em>, in a <em>TradingView</em> post on January 14, shared a glimpse of what to expect in the coming days. The analyst pointed out that Bitcoin had closed the weekly candle as an inverted hammer, a bearish candlestick pattern that, for validity, needs to appear at the top of a trend.</p>
 <p class="paragraph">The signal was considered stronger with high volume and confirmation, leading the analyst to set the correction potential at around 95/96% probability.</p>
 <figure class="wp-block-image aligncenter size-large"><img decoding="async" width="1024" height="556" src="https://cdn.thebittimes.com/images/2024/01/15/029cee026bdf722e0346de33f4aae792.webp" alt class="wp-image-149291" srcset="https://cdn.thebittimes.com/images/2024/01/15/029cee026bdf722e0346de33f4aae792.webp 1024w, https://cdn.thebittimes.com/images/2024/01/15/029cee026bdf722e0346de33f4aae792.webp 300w, https://cdn.thebittimes.com/images/2024/01/15/029cee026bdf722e0346de33f4aae792.webp 768w, https://cdn.thebittimes.com/images/2024/01/15/029cee026bdf722e0346de33f4aae792.webp 1536w, https://cdn.thebittimes.com/images/2024/01/15/029cee026bdf722e0346de33f4aae792.webp 2048w" sizes="(max-width: 1024px) 100vw, 1024px">
  <figcaption class="wp-element-caption"><em>Bitcoin price analysis chart. Source: TradingView</em>
  </figcaption>
 </figure>
 <p class="paragraph">In arriving at the correction probability, in a January 13 post, the expert explored the past Bitcoin performance, emphasizing a significant peak in December 2023, reminiscent of the bullish wave experienced in February 2021.</p>
 <p class="paragraph">Santana highlighted key indicators such as the weekly Relative Strength Index (RSI) turning “overbought” with a rounded top or inverted cup pattern. He also highlighted a long-term lower high in December 2023 compared to January 2021, signaling potential weakness.</p>
 <h2 class="wp-block-heading" id="bitcoins-possible-targets">Bitcoin’s possible targets&nbsp;</h2>
 <p class="paragraph">Additionally, he outlined specific targets for Bitcoin during the bearish wave, including testing support levels at the weekly Exponential Moving Average (EMA) of 50 (around $32,000), weekly Moving Average of 200 (around $30,000), Exponential Moving Average of 200 (around $27,000), and Exponential Moving Average 300 (around $23,800). He also mentioned the possibility of a surprise move with a wick reaching $20,000.</p>
 <blockquote class="wp-block-quote">
  <p class="paragraph">“These are the target for the full duration of the bearish wave. The low can be a surprise hit and happen within 1 month, say à la early 2018 but the whole process can last between 2-4 months,” he added.&nbsp;</p>
 </blockquote>
 <p class="paragraph">Despite the bearish outlook, Santana remained optimistic about opportunities, suggesting that this correction would lead to a favorable buy opportunity, potentially the last one of 2024.&nbsp;</p>
 <h2 class="wp-block-heading" id="bitcoin-price-analysis">Bitcoin price analysis</h2>
 <p class="paragraph">By press time, Bitcoin was trading at $42,319, having plunged by over 1% in the last 24 hours, while on the weekly chart, BTC is down 6%.&nbsp;</p>
 <figure class="wp-block-image aligncenter size-large"><img loading="lazy" decoding="async" width="1024" height="683" src="https://cdn.thebittimes.com/images/2024/01/15/5969dbcc0124418686c4b924a3f99456.webp" alt class="wp-image-149292" srcset="https://cdn.thebittimes.com/images/2024/01/15/5969dbcc0124418686c4b924a3f99456.webp 1024w, https://cdn.thebittimes.com/images/2024/01/15/5969dbcc0124418686c4b924a3f99456.webp 300w, https://cdn.thebittimes.com/images/2024/01/15/5969dbcc0124418686c4b924a3f99456.webp 768w, https://cdn.thebittimes.com/images/2024/01/15/5969dbcc0124418686c4b924a3f99456.webp 1200w" sizes="(max-width: 1024px) 100vw, 1024px">
  <figcaption class="wp-element-caption"><em>Bitcoin seven-day price chart. Source: Finbold</em>
  </figcaption>
 </figure>
 <p class="paragraph">In the meantime, while the ETF was initially seen as a key catalyst for Bitcoin, attention has now shifted to the upcoming halving event—a historical bullish trigger for Bitcoin.</p>
 <p class="paragraph"><strong><em>Disclaimer:</em></strong><em>&nbsp;The content on this site should not be considered investment advice. Investing is speculative. When investing, your capital is at risk.</em></p>
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<p>Source: <a rel="noopener noreferrer nofollow" target="_blank" href="https://thebittimes.com/80-billion-outflows-bitcoin-since-holy-etf-approval-what-next-tbt76644.html">https://thebittimes.com/80-billion-outflows-bitcoin-since-holy-etf-approval-what-next-tbt76644.html</a></p>

$80 billion outflows Bitcoin since ‘holy’ ETF approval; What next?

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