Bitcoin ETF

Bitcoin

Polygon

<img width="1200" height="800" src="https://coingape.com/wp-content/uploads/2023/09/IMG_5697-e1695572371845.jpg" class="attachment-full size-full wp-post-image" alt="Bitcoin Price Risks Falling To $40,000 If It Breaks Below This Level" decoding="async" style="float:right; margin:0 0 10px 10px;">
Bitcoin price fell today after traders liquidated their longs due to sky-high funding rates, suddenly changing the positive sentiment to negative. A popular analyst predicted that BTC price can still slip to $40,700 if it breaks below the key support level. The price currently trades near $42.6K. Will we see a further pullback? 
<h2 id="bitcoin-price-at-key-inflection-point">Bitcoin Price At Key Inflection Point</h2> 
Popular analyst Ali Martinez in a post on December 26 warned that Bitcoin is consolidating in a parallel channel since it rallied above $40,000 mark in November. This puts all focus on the $42,400 support level, a key inflection point for determining further price direction. 
He predicts a sustained drop below $42,400 could take BTC price to $40,700. On the other side, a rebound from the support level can help renewed upside momentum toward $44,400. 
<img decoding="async" class="aligncenter" src="https://pbs.twimg.com/media/GCRGTQLXUAAk2Zi?format=jpg&amp;name=4096x4096" alt="Image" width="760" height="495"> CoinGape <a href="https://coingape.com/crypto-market-selloff-why-bitcoin-eth-sol-xrp-and-other-crypto-fell-suddenly/" target="_blank" rel="noopener">reported</a> that funding rates going crazy today. The crypto market saw $40 million longs liquidated within just an hour. In the past 24 hours, 70,611 traders were liquidated and the total liquidations is at $170 million, with longs accounting for $105 million. 
Skew, a popular trader, revealed that “clips of around 150-200 BTCs have been cleanly sold into price” on Binance Spot. He suggests keeping an eye on $42.7k. If BTC and ETH can hold their lows, will be looking at strong altcoins for some quick scalp trades. 
Also Read: <a title="Billionaire Mark Cuban Offloads Polygon (MATIC) Holdings To Coinbase, Price Fell 5%" href="https://coingape.com/billionaire-mark-cuban-offloads-polygon-matic-holdings-to-coinbase-price-fell-5/" target="_blank" rel="bookmark noopener">Billionaire Mark Cuban Offloads Polygon (MATIC) Holdings To Coinbase, Price Fell 5%</a> 
<h2 id="btc-under-pressure">BTC Under Pressure</h2> 
Traders expect a Santa Claus rally this week, but there is also a key event of yearly options delivery. Along with this sentiment, a potential approval of spot Bitcoin ETF by the US SEC is also on the card. Meanwhile, spot Bitcoin ETF issuers must submit filings with said changes before the <a href="https://coingape.com/us-sec-announces-dec-29-deadline-for-spot-bitcoin-etf-applications/" target="_blank" rel="noopener">Dec 29 deadline</a>. 
<a href="https://coingape.com/price/bitcoin" target="_blank" rel="noopener">BTC price</a> fell from a 24-hour high of $43,765, with the price currently trading at $42,623. Moreover, trading volume has increased by 38% in the past 24 hours, indicating interest among traders. It happens as BTC OI-weighted funding rate jumps significantly higher. 
Also Read: <a href="https://coingape.com/bitcoin-evangelist-fred-krueger-calls-solana-innovations-pure-science-fiction" target="_blank" rel="noopener">Bitcoin Evangelist Fred Krueger Calls Solana Innovations ‘Pure Science Fiction’</a> 
The post <a href="https://coingape.com/bitcoin-price-risks-falling-to-40000-if-it-breaks-below-this-level/">Bitcoin Price Risks Falling To $40,000 If It Breaks Below This Level: Analyst</a> appeared first on <a href="https://coingape.com">CoinGape</a>.

Bitcoin Price Risks Falling To $40,000 If It Breaks Below This Level: Analyst

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