Bitcoin Falls Nearly 20% from Recent Highs, Testing Support at $40K
• Bitcoin has fallen nearly 20% since new US ETFs were approved, now trading around $39,670 • Pullback driven by profit-taking after 150% gains in 2022 and GBTC convergence trade unwinding • Bitcoin could still reach new all-time high in 2023 due to inflows from ETFs and upcoming halving event • Loss of $40K support has opened door for deeper correction towards $32K support • Macro risks like Fed policy and global growth concerns could spur further BTC sell-offs before rebound