Bitcoin ETF

Bitcoin

<p>The post <a href="https://coinpedia.org/news/bitcoin-massive-price-drop-amid-bitcoin-etf-approval-binance-and-kaiko-reported/">Short-Lived Rally? Bitcoin Slumps After ETF Debut as Investors Cash Out</a> appeared first on <a href="https://coinpedia.org">Coinpedia Fintech News</a></p> 
<p>After <a href="https://coinpedia.org/price-analysis/bitcoins-long-short-ratio-reaches-multi-month-high-is-btc-price-finally-preparing-for-etf-pump/">Bitcoin ETF</a> approval, a different craze was seen in the cryptocurrency market where Bitcoin holders started selling their Bitcoins, and that too for temporary profit which significantly impacted the price of Bitcoin. Since then selling pressure has increased on the Binance according to the data reported by Kaiko.</p> 
<p>With the initiation of Bitcoin ETF trading, Bitcoin experienced a remarkable surge, reaching a peak of $48,975. However, this elation was short-lived as a massive liquidation of $50 million ensued, resulting in Bitcoin’s current trading value settling at $42,820. This has caught the attention of nearly all market participants. </p> 
<h2 class="wp-block-heading" id="h-s-ec-approval-spurs-2-year-high"><strong>S</strong>EC Approval Spurs 2-Year High </h2> 
<p>The SEC’s approval of the Bitcoin ETF sent shockwaves through the market, propelling Bitcoin to a two-year high. However, after the celebrations, a reality set in – and it wasn’t pleasant. Bitcoin’s value noted a 12% decline, attributed to heightened selling activities on major exchanges such as Binance, OKX, and Upbit.</p> 
<p><img decoding="async" width="624" height="341" src="https://lh7-us.googleusercontent.com/6-kULtA1zS9NCWlyeISzF5erL1baa90XCFGZaAEytld0BZnZiWsCXaQ0REeBZ9k4poENiLvBJeki0yWlDPFuWxS93L93Bs5u6QryLGGp8-IcsEwWX4_90DhzO9spBSAiPc6tx5E91_ELoj1prQRIzc0"></p> 
<p>Despite this, Binance’s spot market CVD showed positive signs last week showing capital outflow equal to nearly 5,000 BTC. Upbit has witnessed the second largest net capital outflow which is reported by Itbit and OKX.</p> 
<p>Also Read: <a href="https://coinpedia.org/news/bitcoin-etf-approval-leads-to-massive-btc-shift-by-grayscale-a-liquidity-threat/">Grayscale Reshuffles Holdings Post Spot Bitcoin ETF Debut, Eyebrows Raised</a></p> 
<h2 class="wp-block-heading" id="h-what-caused-the-dip">What Caused the Dip?</h2> 
<p>The anticipation surrounding the Bitcoin ETF approval triggered a frenzy among investors eager to capitalize on the expected surge in <a href="https://coinpedia.org/price-prediction/bitcoin-price-prediction/">Bitcoin’s value</a>. However, this enthusiasm took an unexpected turn, as investors who initially bought Bitcoin with hopes of a price boost eventually succumbed to the temptation of short-term gains.</p> 
<p>Some known analysts on X have shared their insights on the current condition of <a href="https://coinpedia.org/price-analysis/bitcoin-price-prediction-post-halving-heres-what-to-expect-for-btc-price/">Bitcoin</a>. According to Ali, Bitcoin’s price is following a specific pattern. Following the $48,000 surge, Ali predicts a temporary dip to $34,000 before witnessing a resilient bounce-back, potentially reaching up to $57,000 in the future.</p> 
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   <p lang="en" dir="ltr">It appears this parallel channel is holding true! This suggests that <a href="https://twitter.com/hashtag/Bitcoin?src=hash&amp;ref_src=twsrc%5Etfw">#Bitcoin</a> faced rejection from the channel's upper boundary at $48,000, and now <a href="https://twitter.com/search?q=%24BTC&amp;src=ctag&amp;ref_src=twsrc%5Etfw">$BTC</a> will retrace to the lower boundary at $34,000, and then rebound back to the upper boundary at $57,000. <a href="https://t.co/2vDqYpwmpi">https://t.co/2vDqYpwmpi</a> <a href="https://t.co/fBiNsmJ10C">pic.twitter.com/fBiNsmJ10C</a></p>— Ali (@ali_charts) <a href="https://twitter.com/ali_charts/status/1746117423994937413?ref_src=twsrc%5Etfw">January 13, 2024</a>
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<p>With sell-offs, price fluctuations, and conflicting market signals, the week ahead promises to be exciting.</p> 
<p>Read More: <a href="https://coinpedia.org/news/how-low-will-bitcoin-price-drop-10xresearch-reveals-potential-low-levels/">How Low Will Bitcoin Price Drop? 10xResearch Reveals Potential Low Levels</a></p>

Short-Lived Rally? Bitcoin Slumps After ETF Debut as Investors Cash Out

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