Posted 1/15/2024, 6:40:00 AM
Bitcoin Price Drops Over 5% Since New ETFs Launched As Investors Take Profits
- Bitcoin has declined over 5% to $42,600 since spot ETFs debuted in the U.S. last week in a "sell the fact" price action
- Bitcoin's RSI divergence signals a correction, potentially to the dynamic support level of $38,000, according to analysis from 10x Research
- The MACD histogram has crossed below zero, signaling a bearish momentum shift
- Outflows from Grayscale's GBTC ETF as investors switch to lower-fee options like those from BlackRock may weigh on bitcoin's price
- "Investors will first sell before they transfer their BTC exposure to another ETF issuer. This will cause downside pressure for Bitcoin," says 10x Research