On the first day of trading for the Spot Bitcoin ETFs the $BTC price wicked up to $49,000. Was this the local top for bitcoin, and will we now see a decent market correction?
Sell-off or last price spike?
The first Spot Bitcoin Exchange Traded Funds (ETFs) have been approved by the SEC and they have now started trading. Would it not be quite likely to see a sell-off here given that the price has reached the 0.618 fibonacci, and also that traders could be pulling their profits out of bitcoin and putting them into other assets?
This would be a logical thing to happen, although markets can certainly do the most illogical thing, especially in the short term time frame. Therefore another retest of $48,000 and even above wouldn’t be out of the question.
Weekly close could show $BTC top is in
Source: Trading View
That said, many will be assuming that this is indeed the bitcoin top, at least for the next few weeks, and possibly even months. A rather long wick is now showing above the $BTC
We współpracy z: https://cryptodaily.co.uk/2024/01/is-the-bitcoin-top-now-in
