There was much hype around the launch of Bitcoin ETFs with many "experts" predicting a melt-up, so far the event has been met with a sell-off. If there were many buyers expecting a price move upwards, then there might be sufficient stops to be triggered. The number to watch is $40,181.00, any lower than this means the cycle has turned bearish with price expected to move towards the 200 week moving average around $30,000.00 level.
Comment:
Bitcoin now failed the daily cycle, we can expect price to trend downwards in search of a weekly low.