2024

United

Bitcoin

<p>The post <a href="https://coinpedia.org/price-analysis/bitcoin-price-might-crash-heavily-if-drops-below-this-level/" rel="noopener noreferrer nofollow">Bitcoin Price Might Crash Heavily If Drops Below This Level</a> appeared first on <a href="https://coinpedia.org" rel="noopener noreferrer nofollow">Coinpedia Fintech News</a></p>
<p>Bitcoin’s (BTC) price has once again rebounded above $40k in the past 24 hours, thus triggering mixed reactions on different social platforms. Gradually, the crypto market has been trading in a classic sell-the-rumors scenario in the past two weeks, but a possible market reversal could happen in the near term.</p>
<p>Furthermore, apart from Grayscale’s GBTC, which has been dumping large amounts of Bitcoins daily, the other fund managers offering spot BTC ETFs have accumulated a combined average of 12k coins daily in the past two weeks. As a result, crypto experts have argued that the dozen fund managers offering spot Bitcoin ETFs cannot be compared to whales but only to leviathans.</p>
<h3 class="wp-block-heading" id="h-bitcoin-price-action">Bitcoin Price Action</h3>
<figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter">
 <div class="wp-block-embed__wrapper">
  <blockquote class="twitter-tweet" data-width="550" data-dnt="true">
   <p lang="en" dir="ltr">If <a href="https://twitter.com/hashtag/Bitcoin?src=hash&amp;ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">#Bitcoin</a>'s price falls below $38,130, short-term <a href="https://twitter.com/search?q=%24BTC&amp;src=ctag&amp;ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">$BTC</a> holders could find themselves in the red. This potential <a href="https://twitter.com/hashtag/BTC?src=hash&amp;ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">#BTC</a> dip might trigger a new wave of panic selling as these holders will seek to minimize losses. <a href="https://t.co/TnAH67DPV6" rel="noopener noreferrer nofollow">pic.twitter.com/TnAH67DPV6</a></p>— Ali (@ali_charts) <a href="https://twitter.com/ali_charts/status/1750412686591225924?ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">January 25, 2024</a>
  </blockquote>
  <script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>
 </div>
</figure>
<p>According to the on-chain data analysis provided by Glassnode, the short-term holders’ (STH) realized price is currently hovering around $38,125 compared to the long-term holders’ (LTH) realized price of around $20,911.</p>
<p>As a result, a popular crypto analyst has argued that Bitcoin bulls must defend the short-term holders’ realized price to avoid a possible panic selling as traders rush to minimize losses. Nevertheless, a drop below the $38k support level could provide another entry level for short-term holders, as the macro bullish outlook is about to be triggered by the fourth Bitcoin halving, which is about 88 days from happening.&nbsp;</p>
<h2 class="wp-block-heading" id="h-technical-outlook">Technical Outlook</h2>
<p>Against the United States dollar, Bitcoin price has been trapped on a falling trend since the approval of spot Bitcoin ETFs in the United States. Despite the recent weekly golden cross between the 50 and 200 Moving Averages (MA), Bitcoin is facing accelerated selling pressure as shown by the weekly Relative Strength Index (RSI) that recently fell below the 70 level for the first time this year.</p>

Bitcoin Price Might Crash Heavily If Drops Below This Level

목차

CoinPedia News

2024년 1월 25일에 게재된 다른 기사

Bitcoin spot ETFs recorded the largest single-day total net outflow

Shiba Inu Made Millionaires Out of 25-Year-Olds in 2021; Two Altcoins Have Similar Potential in 2024

10 Decentralized Applications Integrate Sui’s Groundbreaking “zkLogin” Google Authentication

US Government to Sell $130 Million Worth of Bitcoin from Silk Road Case

The Future of Work – Understanding AI’s Impact on Jobs and the Economy

New and Best Meme Coins to Buy January 25 – Homer, Grok CEO, Shib Original Vision

무료 뉴스레터에 가입하여 매일 최신 암호화폐 소식을 받아보세요!