Bitcoin and other cryptocurrencies have experienced a significant decline, falling below key levels and deepening recent declines. This comes as a result of the ongoing sell-off following US regulatory approval of spot Bitcoin ETFs, which has sparked activity in crypto markets.
The price of Bitcoin, the largest cryptocurrency, fell 4% in the last 24 hours, falling below $38,900 and falling below the psychologically important level of $40,000.
Yuya Hasegawa, an analyst at crypto exchange Bitbank, warns that there could be more pressure on Bitcoin in the coming days if the price does not recover quickly and close above $40,000. “If this fails, the price may continue to fall and the next point will probably be $38,000,” Hasegawa said.
Alex Kuptsikevich, an analyst at broker FxPro, also expressed concern about the current state of the market:
“Bitcoin price falling below $39,000 risks moving beyond the typical correction following the rally that began in September. Bitcoin may face little support until the $37,500 region. “But underneath this lies an area of protracted consolidation where the likelihood of another protracted struggle is high.”
*This is not investment advice.
