As the Bitcoin Price Falls Back to $41k, Could BTC ETF Token Be a Higher Potential Alternative?
The post As the Bitcoin Price Falls Back to $41k, Could BTC ETF Token Be a Higher Potential Alternative? appeared on BitcoinEthereumNews.com.
Bitcoin (BTC) has fallen sharply in the past few days, dropping below $42,000 as investors begin to take profits. This pullback brings Bitcoin back to the same level it was last Monday and has left analysts questioning if further declines are ahead. As such, some traders have shifted their focus to Bitcoin ETF Token (BTCETF), which looks positioned as a high-potential alternative to the world’s largest cryptocurrency. Bitcoin Plunges Lower as Leverage Unwinds & Technicals Turn Bearish Bitcoin has dropped almost 8% from Friday’s high and is now hovering around the $41,210 level. This sharp pullback occurred after a brief tap of $44,700, which marked Bitcoin’s highest value since April 2022. BTC’s pullback has led to a surge of long liquidations and selling pressure, with CoinGlass data showing more than $146 million in longs were liquidated over the past 24 hours. On the technical side, BTC broke its 20-day exponential moving average (EMA) on the 4-hour time frame, hinting that the short-term trend may have flipped bearish. Trading volumes have also dipped during the sell-off, falling 25% in the past day. However, there is still reason to be optimistic for BTC holders, with the coin’s price forming a double-bottom pattern around $40,500 on the 4-hour chart. This could mean Bitcoin is finding support at this level, potentially signaling an end to the downward momentum. While the recent pullback has rattled the market, this double-bottom pattern hints that a potential rebound could be on the cards for BTC. Increased Regulatory Oversight Weighs on Crypto Investor Sentiment Beyond Bitcoin’s price action, the aggressive regulatory oversight of leading exchange Binance continues to worry crypto investors. As part of Binance’s $4.3 billion settlement with US authorities, the Department of Justice unveiled extensive monitorship terms last week. This grants authorities in-depth access to Binance’s operations…
Filed under: News - @ December 13, 2023 7:24 pm