As the research report of Matrixport analyst Markus Thielen emerged, the Bitcoin (BTC) price suffered a flash crash. The report suggested that the SEC could reject all the ETF applications, which stands in contrast with the other reports. This caused nearly $2 billion of OI to be wiped out of the markets, and more than $500 million of longs were also liquidated.
This was the day when Bitcoin’s genesis block was mined, 15 years ago. The recent bullish price action indicated that market participants have become optimistic ahead of the spot Bitcoin ETF. However, the research report has ruined the bullish trajectory for a while, which may hinder the progress of the rally to a large extent.
After rising above $45,000, the recent pullback caused the price to form daily lows around $40,750. The technicals have turned bearish, which substantiates the claim and suggests an extended descending action. A popular analyst, Michael van de Poppe believes the price could eventually drop below $40,000, which may further trigger a fine rebound.
The analyst believes the price may drop within the range of $36,000 to $39,000, which could be a strong buying zone. With this, the price is believed to trigger a rebound and surge above $50,000. The analyst also says that the BTC price may remain consolidated between these ranges for some more time.
“Not much has happened, despite a liquidation on altcoins.
Bitcoin still stuck in a range.
Personal interest to buy into it at $36K-$39K and interest to sell at $48K-$51K.
These areas are likely going to be the areas for Bitcoin for a substantial period of time,”
Credit: Source link