{"id":10244,"date":"2024-01-22T15:53:57","date_gmt":"2024-01-22T15:53:57","guid":{"rendered":"https:\/\/coinengineer.io\/blog\/?p=10244"},"modified":"2024-01-22T15:54:12","modified_gmt":"2024-01-22T15:54:12","slug":"why-is-bitcoin-falling-does-the-etf-approval-have-an-effect","status":"publish","type":"post","link":"https:\/\/coinengineer.net\/blog\/why-is-bitcoin-falling-does-the-etf-approval-have-an-effect\/","title":{"rendered":"Why is Bitcoin falling? Does the ETF approval have an effect?"},"content":{"rendered":"

Today, we will examine why Bitcoin<\/strong> is falling and how long this decline could continue. We will also assess whether the ETF<\/strong> approval had any impact on this decline.<\/p>\n

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You might like: What is Polyhedra Network?<\/strong><\/em><\/span><\/a><\/p>\n<\/blockquote>\n

On January 10, Bitcoin<\/strong> rose to $49,000<\/strong>. After the ETF approval news, we saw a pullback to $45,800. The next day, it fell by 10% to $45,500<\/strong> and has since fallen below $41,000<\/strong>. Let’s now examine what happened on the chart!<\/p>\n

\"Bitcoin\"<\/p>\n

When we examine the chart in detail, as we mentioned earlier, the $45,500\u2013$48,000<\/strong> range stood out as a risky area. As the price tried to break through this range, we saw the expected pullback along with the ETF<\/strong> approval news. We believe that the initial sales were typically a “sell the news<\/em><\/strong>” strategy, but the subsequent declines show that investors are inclined to shift their funds between these two areas due to sales from crypto exchanges<\/strong> and attempts by large investment companies in the United States to sell Bitcoin.<\/p>\n

In other words, we may be continuing this decline because investment companies are not buying back the Bitcoin<\/strong>s they sold from exchanges with clear enthusiasm.<\/p>\n

This sell-off wave first quickly fell to $42,000.<\/strong> Then, the support area was touched again with the break of the rising trend, followed by a retest movement. However, the $42,000<\/strong> support level was broken with the subsequent sharp decline, and we are currently waiting for buyers’ reactions at the $40,735<\/strong> level.<\/p>\n

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