Plunge

2024

United

Bitcoin

<p>The post <a href="https://coinpedia.org/price-analysis/bitcoin-price-plunge-analyst-maps-potential-buy-levels/" rel="noopener noreferrer nofollow">Bitcoin Price Plunge ; Analyst Maps Potential Buy Levels</a> appeared first on <a href="https://coinpedia.org" rel="noopener noreferrer nofollow">Coinpedia Fintech News</a></p>
<p>More than a week after the approval of 11 spot Bitcoin ETFs in the United States, the event is increasingly looking like a classic ‘buy the rumor, sell the news’ scenario. After closing last week on a bearish note, with a shooting star weekly candlestick, Bitcoin price has continued to bleed in the past five days.</p>
<p>According to the latest market data, Bitcoin price dropped approximately 3 percent since Monday to trade around $41k during the early Asian session on Friday. The sudden dip in the past 24 hours led to more than $248 million in crypto liquidations, with the majority consisting of long traders.&nbsp;</p>
<h2 class="wp-block-heading" id="h-bitcoin-succumbs-to-heightened-selling-pressure-nbsp">Bitcoin Succumbs to Heightened Selling Pressure&nbsp;</h2>
<figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter">
 <div class="wp-block-embed__wrapper">
  <blockquote class="twitter-tweet" data-width="550" data-dnt="true">
   <p lang="en" dir="ltr"><img src="https://s.w.org/images/core/emoji/14.0.0/72x72/1f6a8.png" alt="🚨" class="wp-smiley" style="height: 1em; max-height: 1em;"> <img src="https://s.w.org/images/core/emoji/14.0.0/72x72/1f6a8.png" alt="🚨" class="wp-smiley" style="height: 1em; max-height: 1em;"> <img src="https://s.w.org/images/core/emoji/14.0.0/72x72/1f6a8.png" alt="🚨" class="wp-smiley" style="height: 1em; max-height: 1em;"> <img src="https://s.w.org/images/core/emoji/14.0.0/72x72/1f6a8.png" alt="🚨" class="wp-smiley" style="height: 1em; max-height: 1em;"> <img src="https://s.w.org/images/core/emoji/14.0.0/72x72/1f6a8.png" alt="🚨" class="wp-smiley" style="height: 1em; max-height: 1em;"> <img src="https://s.w.org/images/core/emoji/14.0.0/72x72/1f6a8.png" alt="🚨" class="wp-smiley" style="height: 1em; max-height: 1em;"> <img src="https://s.w.org/images/core/emoji/14.0.0/72x72/1f6a8.png" alt="🚨" class="wp-smiley" style="height: 1em; max-height: 1em;"> <img src="https://s.w.org/images/core/emoji/14.0.0/72x72/1f6a8.png" alt="🚨" class="wp-smiley" style="height: 1em; max-height: 1em;"> <img src="https://s.w.org/images/core/emoji/14.0.0/72x72/1f6a8.png" alt="🚨" class="wp-smiley" style="height: 1em; max-height: 1em;"> 11,739 <a href="https://twitter.com/hashtag/BTC?src=hash&amp;ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">#BTC</a>&nbsp;(488,653,255 USD) transferred from unknown wallet to <a href="https://twitter.com/hashtag/Coinbase?src=hash&amp;ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">#Coinbase</a><a href="https://t.co/QE5tswS06M" rel="noopener noreferrer nofollow">https://t.co/QE5tswS06M</a></p>— Whale Alert (@whale_alert) <a href="https://twitter.com/whale_alert/status/1748043540746170681?ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">January 18, 2024</a>
  </blockquote>
  <script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>
 </div>
</figure>
<p>The Bitcoin network has recorded heightened on-chain activities in the past few days. Notably, Bitcoin miners, short-term holders, and whales have been spotted depositing huge amounts of coins in centralized exchanges after registering profitable trades in the past year.</p>
<p>With Bitcoin having reached a psychological resistance of around $44k and a post-spot ETF top of around $49k, more analysts are confident a correction is on the horizon.</p>
<h2 class="wp-block-heading" id="h-what-next-for-btc-price-action">What Next for BTC Price Action</h2>
<figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter">
 <div class="wp-block-embed__wrapper">
  <blockquote class="twitter-tweet" data-width="550" data-dnt="true">
   <p lang="en" dir="ltr">There we go, taking liquidity beneath those lows. That was the final part that needed to happen for <a href="https://twitter.com/hashtag/Bitcoin?src=hash&amp;ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">#Bitcoin</a>.<br><br>Beneath $41K is the start of buying the dip; markets are down ~15-20% already.<br><br>If it drops to $36-39K, you can expand.<br><br>I love buying dips. <a href="https://t.co/vzRjoIXDRy" rel="noopener noreferrer nofollow">pic.twitter.com/vzRjoIXDRy</a></p>— Michaël van de Poppe (@CryptoMichNL) <a href="https://twitter.com/CryptoMichNL/status/1748081657544917256?ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">January 18, 2024</a>
  </blockquote>
  <script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>
 </div>
</figure>
<p>According to a popular crypto analyst based in the Netherlands, Michaël van de Poppe, Bitcoin price continues to present perfect buying opportunities as the macro bull cycle is in the early stages. Moreover, the fourth Bitcoin halving is about three months away from happening, which historically triggers the macro crypto bull rallies and more cash inflow through the spot Bitcoin ETFs is expected to accelerate in the coming quarters.</p>

Bitcoin Price Plunge ; Analyst Maps Potential Buy Levels

Table of Contents

CoinPedia News

Other articles published on Jan 19, 2024

What is Ethereum Name Service? A closer look at ENS amid recent token surge

Whale Alert!: Whale Dumps $15M in $XRP Onto Exchange; $GFOX Presale Remains Safe Investment

GBTC outflows slow as newborn nine ETFs gain momentum

Nuvo Unveils Nuscription: Revolutionizing Blockchain Trading

Bitcoin Minetrix Presale Surpasses $8.8 Million Despite Bitcoin’s Nearly 10% Price Decline in a Week

Price Analysis: Does Bitcoin Cash (BCH) Price Risk Dropping Below $230

Join our free newsletter for daily crypto updates!