The market has mostly seen negative movement for bitcoin over the past two weeks, and ever since the Spot Bitcoin ETFs were approved. Is this dump now over, or is there still more downside to come?
Negative selling pressure
Monday’s nearly 5% drop took $BTC below a trend line it had been respecting since October 2023. Add to this the constant selling pressure from the Grayscale ETF, and the arrival on the market over the next couple of months, of a huge chunk of the Mt Gox $BTC, which will be paid to creditors, and you have a setup that is probably not conducive to a higher $BTC price just yet.
Short term bounce is due
That being said, nothing goes up or down in a straight line in markets. $BTC is approaching oversold territory, at least on the technical side of things, and some sort of a short term bounce is due.
Source: Trading View
Looking at the daily chart above, the $BTC slide does appear to have been arrested as it found support at around $39,000. The price is currently flirti
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