Bitcoin ETF

Circuit

<p style="text-align: justify">You can also read this news on COINTURK NEWS: <a href="https://en.coin-turk.com/bitcoins-160-surge-and-subsequent-correction-analyzing-the-causes/" data-wpel-link="internal">Bitcoin’s 160% Surge and Subsequent Correction: Analyzing the Causes</a><br></p>
<p style="text-align: justify"><strong><a href="https://en.coin-turk.com/the-future-of-bull-season-which-cryptocurrencies-to-buy/" data-wpel-link="internal">Bitcoin</a> (BTC)</strong> price increased by 160% following the year-end ETF frenzy, after a year of continuous rise in 2023. However, after months of increasing certainty regarding the SEC’s Bitcoin ETF approvals, an overbought market experienced a price correction in January.</p> 
<h2 id="what-caused-the-bitcoin-downturn">What Caused the Bitcoin Downturn?</h2> 
<p style="text-align: justify">Short-term traders caused the price to rise within the specified period. Later, investors took advantage of the price increase following the <strong>BTC</strong> ETF approval, leading to liquidations in the cryptocurrency. Finally, after months of decline, the strengthening of the dollar and more challenging macro conditions led to a further downward trend in Bitcoin’s outlook in January.</p> 
<p style="text-align: justify"><strong>The cryptocurrency</strong> community was very hopeful after the DC Circuit Court of Appeals ruled in favor of <strong>Grayscale</strong> last August. The average rate on cryptocurrency exchanges showed an increase of 80% in just over four months, rising from $25,811 on September 1st to $46,670 on January 10th. This could mean an average annual investment return well above 200%.</p> 
<p><img loading="lazy" loading="lazy" decoding="async" class="size-full wp-image-308425 aligncenter" src="https://coin-turk.com/wp-content/uploads/2024/01/btcc-3.jpg" alt="" width="563" height="551"></p> 
<h2 id="support-levels-in-btc">Support Levels in BTC</h2> 
<p style="text-align: justify">As a result, <strong>Bitcoin</strong> price fell in January due to SEC ETF uncertainty and low demand, while daily investors and ETF expectations are influencing the market. Some Bitcoin investors are following a long-term strategy of accumulating and holding without selling. However, daily traders engaging in price arbitrage were inclined to take profits in January. Antoni Trenchev, co-founder of the cryptocurrency lending provider Nexo, mentioned that the falling <strong>Bitcoin</strong> price in January is an example of the “buy the rumor, sell the news” phenomenon in the swap markets for liquid assets. The <a href="https://newslinker.co/category/finance/" data-wpel-link="exclude">financial</a> investment company Motley Fool stated in its report:</p> 
<blockquote> 
 <p style="text-align: justify">It seems that some short-term traders are driving up the cryptocurrency’s price by waiting for the latest ETF approvals and quickly profiting as the excitement wanes. If the correction continues, the fundamental support levels could be $38,000 and $36,000.</p> 
</blockquote> 
<h5><span style="font-weight:bold;font-size:16px">The post first appeared on COINTURK NEWS: </span> <a href="https://en.coin-turk.com/bitcoins-160-surge-and-subsequent-correction-analyzing-the-causes/" data-wpel-link="internal">Bitcoin’s 160% Surge and Subsequent Correction: Analyzing the Causes</a></h5>

Bitcoin’s 160% Surge and Subsequent Correction: Analyzing the Causes

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