Spot Bitcoin ETF does not act in line with the expectations of investors and the market after its approval BTCIt dropped to $41,000.
While it remains a matter of curiosity when there will be a rise in BTC, which faced a great selling pressure after the ETF approval, Analysts at 10x Research, led by Markus Thielen, said that the sell-off in Bitcoin may continue in the short term.
According to Coindesk, 10x Research analysts wrote in a note to clients that Bitcoin’s price patterns and technical indicators indicate that the sell-off may continue in the near term.
“Bitcoin’s RSI divergence signals a correction.
Accordingly, the retreat in Bitcoin may go up to the $ 38,000 support level.
“In addition, the MACD indicator, which is used to measure the strength and changes of the trend, also falls below zero, indicating a downward trend in momentum.”
BTC’Regarding the sales pressure and decline in Grayscale Bitcoin Trust (GBTC) Analysts state that investing investors will likely put selling pressure on Bitcoin’s price to switch to other low-fee options. ” Investors will sell first before transferring their BTC exposure to another ETF issuer. “This will cause downward pressure for Bitcoin.” said.
Bitcoin is trading at $42.6785 at the time of writing.
*This is not investment advice.
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