After the approval of the Spot Bitcoin ETF, BTC did not move in line with the expectations of investors and the market and fell to the level of $ 41,000.
While it remains a matter of curiosity when there will be a rise in BTC, which faced a great sales pressure after the ETF approval, 10x Research analysts led by Markus Thielen said that the sales 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, has fallen below zero, indicating a downward trend in momentum.”
Analysts stated that investors investing in Grayscale Bitcoin Trust (GBTC) regarding the selling pressure and decline in BTC will probably put selling pressure on the price of Bitcoin in order to switch to other low-fee options. “Investors should first transfer their BTC risks to another ETF issuer.” “It will sell. This will cause downward pressure for Bitcoin.” said.
Bitcoin is trading at $42.6785 at the time of writing.
*This is not investment advice.