Bitcoin Price “Mad Heavy,” Why A Detour To $30,000 Might Be Imminent
22 Janeiro 2024 - 5:30PM
NEWSBTC
The Bitcoin price took a downside turn over the weekend and seems
ready to re-test critical support levels. The downside price action
was triggered by a spike in selling pressure following the approval
of Bitcoin spot Exchange Traded Funds (ETFs) in the US. Related
Reading: Bitcoin Whale Carries Out Massive Sell-Off As BTC Price
Suppression Continues As of this writing, the Bitcoin price trades
at $40,900 with a 2% loss in the past 24 hours. Over the last week,
these losses doubled, with other assets in the crypto top 10 by
market underperforming, except for Dogecoin (DOGE), which still
records a 4% profit in the same period. Bitcoin Price Loses Steam,
How Low Can BTC Go? Via the social media platform X, the founder
and former CEO of crypto exchange BitMEX, Arthur Hayes, shared a
forecast for the Bitcoin price. According to Hayes, BTC seems
poised to lose its current levels. The crypto founder and trader
claims that the low timeframe price action will likely push Bitcoin
below $40,000 and potentially below $35,000 if bulls fail to defend
the higher area around these levels. The main issue regarding the
current market structure rests upon the liquidity in the Bitcoin
market. As seen in the chart below and as pointed out by Hayes, the
liquidity in the BTC market has been trending to the downside since
the Bitcoin spot ETF was approved. As a result, and due to the
constant selling pressure from the Grayscale Bitcoin Trust (GBTC),
the market has been trending to the downside and could maintain
this course until the next major macroeconomic event. On the above,
the BitMEX founder stated: Why has $SPX and $BTC stopped moving up
together post US BTC ETF launch? Both are love more $ liq, which
one is right about the future? $BTC is telling us that there are
hiccups ahead for $ liq, next signpost is 31st Jan US Treasury
refunding annc (announcement). If Bitcoin Goes South, What Levels
Could Hold The Line? A pseudonym crypto analyst showed a cluster of
buying orders stacked from the $38,819 to the $40,000 levels in a
separate report. In other words, these levels should present
opposition and seem like BTC’s biggest opportunity to bounce back,
at least on low timeframes. Related Reading: Bitcoin Price Turns
Red, Why BTC Could Tumble Below $40K In that sense, the analyst
stated the following, anticipating a possible short-term recovery,
and showing the image below: Some big zones starting to build up
around 41K & 42K. Pretty certain we’ll at least take out that
top part somewhere next week. Will see if price sustains after
that. Cover image from Unsplash, chart from Tradingview
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