BTC Price Can Retest $37,000 In January Despite Bitcoin ETF Approval, Here’s Why
The post BTC Price Can Retest $37,000 In January Despite Bitcoin ETF Approval, Here’s Why appeared on BitcoinEthereumNews.com.
The Bitcoin (BTC) price has been flirting around for a while at $42,500 levels as investors eagerly await the launch of the first spot Bitcoin ETF in the US. A report from last week suggests that the approval from the U.S. SEC is most likely to arrive this week. Will Bitcoin ETF Be A Sell the Event News? After a solid 160% run-up last year in 2023, analysts believe that the BTC price could see some retracement soon after the Bitcoin ETF arrival. Probably, BTC could enter a sideways consolidation until the Bitcoin halving scheduled around April 2024. Renowned investor and crypto analyst Rekt Capital shares insights on Bitcoin’s recent monthly close, drawing attention to key support levels and historical patterns. In a recent update, Rekt Capital highlights that Bitcoin has historically exhibited volatile retests when hovering around the $41,000 support level (represented in blue). During these retests, downside wicks extended to approximately the $37,000 region, suggesting a pattern in the price action. Based on historical data, Rekt Capital suggests that any potential dip to the $37,000 level could be considered a healthy retracement. The analyst points out that Bitcoin has experienced similar price movements in the past, and such patterns have historically contributed to the cryptocurrency’s overall market health. #BTC New Monthly Close is in The last two times Bitcoin retested ~$41000 (blue) as support, price produced volatile retests The retests saw downside wicks go to as low as the ~$37000 region History suggests any dip into ~$37000 would be healthy$BTC #Crypto #Bitcoin pic.twitter.com/AVBF7WYAYL — Rekt Capital (@rektcapital) January 1, 2024 Moreover, Rekt Capital emphasizes that with just over 100 days until the Bitcoin Halving, any deeper retracements in the pre-halving period could present ultimate bargain-buying opportunities for investors. As the market continues to evolve, traders and investors are…
Filed under: News - @ January 1, 2024 6:26 am