Since the recent approval of the first-ever Bitcoin ETFs in the US, contrary to expectations, there hasn’t been a significant surge in BTC’s price. Instead, the world’s largest cryptocurrency is grappling near its one-month low, hovering around the crucial $40,000 mark. The slightest market fluctuation could have lasting implications for Bitcoin’s trajectory.
Two weeks after the ETF approvals, volatility has intensified in the crypto market, leaving traders divided on how Bitcoin will respond at the $40,000 level. Presently, Bitcoin is trading at $40,001.23, showing a modest 0.47% growth in the last 24 hours but experiencing a 6.60% dip over the past week. The coin has yet to surpass its immediate resistance at $40,169, while support levels are evident at $39,000, reflecting the uncertainty surrounding BTC’s future.
On various social media platforms, traders express conflicting sentiments, underscoring the pivotal moment for Bitcoin. Telegram users, predominantly bearish during the dip, contrast Reddit users who were notably active in buying during the same period. Twitter users mirrored the bearish tendencies of Telegram users, while 4Chan users remained indecisive with minimal activity.
The successful breach of the nearest resistance level would likely see Bitcoin comfortably maintaining its position above $40,000. Conversely, a dip could result in the cryptocurrency settling around the $39,000 mark for an extended period, heightening the ambiguity surrounding its short-term outlook.
