Bitcoin ETF

Bitcoin

when

<p style="text-align: justify">You can also read this news on COINTURK NEWS: <a href="https://en.coin-turk.com/bitcoin-struggles-despite-potential-etf-approval-indicators/" data-wpel-link="internal">Bitcoin Struggles Despite Potential ETF Approval Indicators</a><br></p>
<p style="text-align: justify"><strong><a href="https://en.coin-turk.com/anticipation-grows-for-the-approval-of-a-spot-bitcoin-etf-in-january-2024/" data-wpel-link="internal">Bitcoin</a>’s (BTC)</strong> price has been struggling since the anticipation of the approval of a spot Bitcoin exchange-traded fund (ETF). BTC reached the $38,000 region on January 23, then quickly retraced. Has the cryptocurrency’s price reached a local bottom at the $38,000 level?</p> 
<h2 id="short-term-support-for-bitcoin">Short-Term Support for Bitcoin</h2> 
<p style="text-align: justify">Cryptocurrency analytics firm CryptoQuant has released its weekly report. According to the report, there are various factors indicating that the <strong>Bitcoin</strong> price may have potentially hit the bottom. Last week, the BTC price fell to levels where short-term investors had made their purchases. The realized price is the average cost at which short-term holders acquired their Bitcoins. CryptoQuant commented on the matter:</p> 
<blockquote> 
 <p style="text-align: justify">During bear markets, the realized price acts as a ceiling and floor in bull markets.</p> 
</blockquote> 
<p style="text-align: justify">As of January 31, the realized price is around $40,400, which could mean that this level may serve as good short-term support for the Bitcoin price. However, CryptoQuant had previously stated that when the unrealized loss margin of short-term holders is around 10%, the price typically bottoms out.</p> 
<p><img loading="lazy" loading="lazy" decoding="async" class="size-full wp-image-309998 aligncenter" src="https://coin-turk.com/wp-content/uploads/2024/02/btc.png" alt="" width="1600" height="999"></p> 
<h2 id="whale-movements-in-btc">Whale Movements in BTC</h2> 
<p style="text-align: justify">Shared data shows the spent output profit ratio (SOPR) of short-term <strong>Bitcoin</strong> holders, which can indicate whether their investments are in profit or loss. When Bitcoin briefly reached $38,000 last week, many short-term investors sold their BTC at a loss.</p> 
<p style="text-align: justify">The SOPR ratio fell to 0.98 last week, suggesting that wallets holding Bitcoin for less than 155 days sold their holdings at an approximate 2% loss. Whale investments in Bitcoin are rising towards levels last seen in December 2022. Additionally, data indicates that various ETFs are continuously increasing their BTC holdings, while selling pressure from the Grayscale Bitcoin ETF <strong>(GBTC)</strong> is decreasing. These factors could indicate increasing demand and decreasing supply, potentially positively affecting the Bitcoin price.</p> 
<h5><span style="font-weight:bold;font-size:16px">The post first appeared on COINTURK NEWS: </span> <a href="https://en.coin-turk.com/bitcoin-struggles-despite-potential-etf-approval-indicators/" data-wpel-link="internal">Bitcoin Struggles Despite Potential ETF Approval Indicators</a></h5>

Bitcoin Struggles Despite Potential ETF Approval Indicators

Table of Contents

COINTURK NEWS

Other articles published on Feb 1, 2024

Angel Drainer targets restaking platforms with new attack vector, Blokcaid warns

💎 Introducing NEOPIN Club Membership Benefits! 👑

Doodles Joins Luxury Watch Brand G-Shock To Launch NFT-Inspired Watches

El Salvador is Preparing to Establish a Bitcoin City After the Upcoming Election!

New Cryptocurrency Releases, Listings, and Presales Today – Baby Long, Wen, Avive

Genesis fined $21 million to settle Gemini Earn lawsuit

Join our free newsletter for daily crypto updates!