United

Bitcoin

<ul> 
 <li><strong>Bitcoin faces stagnancy post-SEC ETF approval, with a 4% weekly drop.</strong></li> 
 <li><strong>Tether acquires 8,888 BTC, aligning with its diversification strategy.</strong></li> 
</ul> 
<p>In a recent turn of events, the price of the largest cryptocurrency Bitcoin has faced a period of stagnancy following the approval of a spot Bitcoin exchange-traded fund (ETF) by the United States Securities and Exchange Commission.&nbsp;</p> 
<p>Despite initial excitement surrounding the ETF, the cumulative holdings of all Bitcoin ETFs as of January 18th stand at around $26 billion, with Grayscale holding the lion’s share at 581,274 BTC.</p> 
<p>Bitcoin’s price, currently trading at $41,541, has experienced a 4% drop in the past week, contributing to the overall cooling down of the cryptocurrency market, which now stands at a capitalization of $1.64 trillion.&nbsp;</p> 
<p>Meanwhile, <a href="https://thenewscrypto.com/usdt-issuer-tether-bought-380-million-worth-of-bitcoin/">Tether</a>, a prominent stablecoin issuer, has made headlines by acquiring an additional 8,888 Bitcoins in the last quarter, bringing its total holdings to 66,465 BTC, valued at $2.8 billion. This move aligns with Tether’s announcement in May 2023, outlining its intention to allocate up to 15% of its net realized operating profits towards BTC purchases, aiming to diversify the reserves backing its USDT coin.</p> 
<p>Notably, short-term holders of Bitcoin have seen a significant reduction in profits, with a 50% decrease since Bitcoin’s peak at $44,000. Many holders who have possessed Bitcoin for less than one month are exiting the market at a financial loss, raising concerns about potential selling pressure and exit liquidity.</p> 
<h3 class="wp-block-heading" id="h-will-btc-hit-45k-anytime-soon">Will BTC Hit $45K Anytime Soon?</h3> 
<p>The daily chart of bitcoin shows a <a href="https://thenewscrypto.com/bitcoin-breaks-below-key-support-as-price-faces-severe-sell-off/">bearish</a> trend, with the 9-day exponential moving average (EMA) currently positioned below the trading price at $41534. However, the daily relative strength index (RSI) suggests a neutral condition, standing at 43.</p> 
<div class="wp-block-image"> 
 <figure class="aligncenter size-large">
  <img loading="lazy" decoding="async" width="1024" height="458" src="https://thenewscrypto.com/wp-content/uploads/2024/01/BTCUSDT_2024-01-20_16-54-26-1024x458.png" alt="" class="wp-image-89777" srcset="https://thenewscrypto.com/wp-content/uploads/2024/01/BTCUSDT_2024-01-20_16-54-26-1024x458.png 1024w, https://thenewscrypto.com/wp-content/uploads/2024/01/BTCUSDT_2024-01-20_16-54-26-300x134.png 300w, https://thenewscrypto.com/wp-content/uploads/2024/01/BTCUSDT_2024-01-20_16-54-26-768x343.png 768w, https://thenewscrypto.com/wp-content/uploads/2024/01/BTCUSDT_2024-01-20_16-54-26.png 1515w" sizes="(max-width: 1024px) 100vw, 1024px">
  <figcaption class="wp-element-caption">
   BTC Price Chart, Source : TradingView
  </figcaption>
 </figure>
</div> 
<p>If the price manages to go below the $40,680 level, then it will likely decline further to test $37,690 support level. On the other hand, if the Bitcoin price manages to go above $43,460 level, then it will likely test the $44,500 resistance level.</p>

Can Bitcoin Cross $45K Amidst Bearish Trends?

Table of Contents

TheNewsCrypto

Other articles published on Jan 20, 2024

IOTA 2.0 Mainnet Launch Planned in 2024 in Three Levels

Breaking down the complicated Germany-China relationship

Court Reschedules Binance-SEC Court Hearing for Monday: Report

VexusTrade Embarks on a Trailblazing Journey in Financial Management

Hot Moments in Dogecoin: DOGE is Experiencing a Strong Rally – Here’s Why

The SEC May Approve Bitcoin ETF Options in February

Join our free newsletter for daily crypto updates!