Bitcoin Slumps Following Spot ETF Approval
The article discusses the recent Bitcoin price drop following the approval of spot exchange-traded funds (ETFs). Despite regulatory anticipation, Bitcoin fell to $41,500, leading to bearish projections, with some analysts targeting $25,000. The market’s focus is on potential recovery driven by inflows into Bitcoin ETFs. Bloomberg reports $1.4 billion inflows, contrasting with Grayscale Bitcoin Trust’s $579 million outflow. Altcoins, including ICP, TIA, MNT, and SEI, displayed bullish signs.
Bitcoin’s analysis reveals a struggle near $48,000, and a failure to sustain this level triggered a decline. Key support lies at $40,000, while breaking $42,000 could intensify selling. ICP, after bouncing off the 20-day EMA, faces resistance at $14.21, with $12 as crucial support. TIA exhibits a strong uptrend, testing resistance at $20, needing to stay above $17.29. MNT broke a channel pattern with caution due to negative RSI divergence. SEI forms a symmetrical triangle, with $0.64 as the 20-day EMA, indicating potential uptrend resumption or reversal.
Investors monitor Bitcoin’s battle at critical levels while observing bullish trends in altcoins, seeking clarity in the overall market sentiment.
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