While Bitcoin moved sharply after yesterday's fake ETF news, investors are wondering whether the price will drop further and how Bitcoin will react after ETFs receive real approval.
At this point, an evaluation came from QCP Capital analysts.
Stating that we are on the verge of spot Bitcoin ETF approval, analysts stated that BTC's initial reaction to the fake approval news was limited.
According to analysts, the first decline after fake news was suppressed due to BTC's failure to break out of the resistance area.
“We see this suppression of the decline as a warning sign that the ETF was mostly priced in ahead of approval and there may not be a big rally after approval.
“Given that the decision deadline for Ark Invest's ETF application expires today, January 10, and that the SEC has historically approved ETFs at the same time, there is a high likelihood of an announcement tonight.”
Analysts, who also explained the levels to be followed for Bitcoin, say that the support for BTC in the coming period is $ 40,000-$ 42,000; He said that the resistance is around $48,500.
Finally, touching on the Bitcoin options at the end of January, analysts argued that there may be a decrease in BTC depending on the options at the end of January. Analysts stated that this decline could go up to $38,000 and said, “Below $38,000 is a good level to take a long position in Bitcoin in anticipation of the halving in April.” said.
*This is not investment advice.