If the bulls fail to defend this critical level, the Bitcoin (BTC) price could fall below $40,000.
The price of Bitcoin (BTC) suffered a flash plunge following the release of a research report by Matrixport analyst Markus Thielen. The report suggested the SEC could reject all ETF applications, which contrasts with other reports. This resulted in nearly $2 billion worth of OI being taken off the market and more than $500 million worth of long positions being liquidated.
15 years ago, it was the day the Bitcoin Genesis block was mined. The recent bullish price action indicates that market participants have become optimistic about the spot Bitcoin ETF. However, the research report has spoiled the bullish trajectory for some time, which could significantly hamper the progress of the rally.
After rising above $45,000, the recent price decline caused the price to form a daily low of around $40,750. The technical has turned bearish, which validates the claim and suggests extended downside action. popular Analyst, Michael van de Poppe We believe the price could eventually fall below $40,000, which could trigger a further rally.
The analyst believes the price could fall within the $36,000-$39,000 range, which could be a strong buying area. This is believed to trigger a rebound and surge in the price above $50,000. The analyst also says that BTC price may remain consolidated between these ranges for some time.
“Despite altcoin liquidation, nothing much happened.
Bitcoin is still stuck in a range.
Buy personal interests for $36K-$39K and sell interests for $48K-$51K.
“This region is likely to be Bitcoin’s go-to region for quite some time.”