Bitcoin

Reversal

<p style="text-align: justify">You can also read this news on BH NEWS: <a href="https://en.bitcoinhaber.net/john-bollinger-foresees-potential-reversal-in-bitcoins-bearish-trend" rel="noopener noreferrer nofollow">John Bollinger Foresees Potential Reversal in Bitcoin’s Bearish Trend</a><br></p>
<p style="text-align: justify">John Bollinger, the renowned financial analyst and creator of the Bollinger Bands indicator, has indicated a possible end to <a href="https://en.bitcoinhaber.net/anticipation-builds-as-sec-decision-on-spot-bitcoin-etfs-looms" rel="noopener noreferrer nofollow">Bitcoin</a>‘s current downtrend. His analysis, shared on social media, suggests that the selling pressure on Bitcoin might be subsiding, hinting at an upcoming bullish phase for the cryptocurrency.</p>
<p style="text-align: justify">Bitcoin recently witnessed a spike above $42,000, stirring excitement among investors. Despite a subsequent pullback, the market shows signs of continued recovery. At the time of the report, Bitcoin was trading at $41,858, marking a 1.50% increase over 24 hours.</p>
<h2 id="market-indicators-and-investor-movements">Market Indicators and Investor Movements</h2>
<p style="text-align: justify">Bollinger’s insights are based on the performance of Bitcoin and the behavior of market indicators. He suggests that the intense selling pressure, which has been a barrier to Bitcoin’s growth, may be easing, potentially leading to a bullish trend.</p>
<p style="text-align: justify">The approval of 11 spot Bitcoin ETFs by the U.S. Securities and Exchange Commission on January 10 led to a temporary price surge to $49,000. However, the enthusiasm was short-lived as Bitcoin’s value began to decline, influenced by significant outflows from Grayscale Investment’s GBTC after it was converted to a spot ETF.</p>
<p style="text-align: justify">Investors have been moving away from GBTC, partly due to high management fees, and opting for spot Bitcoin ETFs from firms like BlackRock, Fidelity, and others. The end of a mandatory lock-up period for GBTC investors also triggered a wave of sell-offs, contributing to the downward pressure on Bitcoin’s price.</p>
<h5><span style="font-weight:bold;font-size:16px">The post first appeared on BH NEWS: </span> <a href="https://en.bitcoinhaber.net/john-bollinger-foresees-potential-reversal-in-bitcoins-bearish-trend" rel="noopener noreferrer nofollow">John Bollinger Foresees Potential Reversal in Bitcoin’s Bearish Trend</a></h5>

John Bollinger Foresees Potential Reversal in Bitcoin’s Bearish Trend

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