Recent developments in the Bitcoin market have brought about significant changes following the approval of the ETF, propelling the cryptocurrency's price to $49,000. However, the momentary optimism was swiftly replaced by profit-taking, especially after SEC's ETF approval circulated across the web.
Entry Point for Buyers: It's noteworthy that the $41,490 level proved crucial, attracting initial buyers and establishing a support zone for Bitcoin.
Current Situation: Currently, the market is in a consolidation phase, suggesting a period of waiting for new catalysts. Investors are navigating to comprehend the potential directions of Bitcoin's price.
Forecast for Declines: The outlook anticipates a continuation of declines, with a projected drop to around $36,500. It's essential to highlight that the last surge in prices originated around this levels.
Time to Halving: The imminent halving, just 94 days away, could impact investor sentiment, introducing a new variable to the price equation.
External Factors: The delay in interest rate hikes in the USA is another factor that might influence cryptocurrency markets, potentially delaying the influx of cheap money.
Long-Term Perspective: Looking further ahead, levels around $36,000 may be intriguing points for replenishing a Bitcoin portfolio in the long-term bullish perspective.
The current correction in prices appears to be a consequence of swift profit-taking post ETF approval, and the market is currently in a consolidation phase. There is an expectation of possible further declines, especially with the delays in the US monetary policy. Long-term investors may find levels around $36,000 attractive for bolstering their Bitcoin portfolios.
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