BTC/USD pullback expected, now heading towards 200K!

13 sty

Analyzing the BTC/USD scenario reveals an expansion of the bearish phase with a test of support at 40,980. The initial resistance is at 45,465, but expectations suggest the possibility of an extension of the negative trend towards new lows at 39,485. From a daily volatility perspective, the cryptocurrency shows a value of 2.79%, with a weekly performance registering at -3.16%.

The reasons behind Bitcoin's decline after the historic spot ETF approval are as follows:

There was strong speculation leading up to the ETF approval; now that it's approved, there is less for people to speculate on. Many expected a surge to $55,000 after approval, and since that didn't happen, people are either taking profits or selling in disappointment.
Bitcoin surged from $15,400 to $49,000 with FOMO elements related to the ETF, so a correction was naturally due. This could be a sell-the-news event for many who bought Bitcoin before it reached $20,000.
Money is shifting from Bitcoin to Ethereum. People are selling BTC and buying ETH because they anticipate an ETH spot ETF is coming, and since ETH hasn't surged much, they are moving to an undervalued asset.
Positive aspects that many people overlook:

The Bitcoin ETF generated a total volume of $4.3 billion, a historic result for any ETF in history.
Now that Bitcoin is available to all Wall Street traders, trillions will flow into the market over time.
The Bitcoin ETF instills trust in cryptocurrencies.
Personal opinion: The Bitcoin ETF will become increasingly popular on Wall Street, and we will see companies allocating billions to Bitcoin over time, easily propelling BTC to $100,000 - $200,000+.

Following the SEC approval of the first Bitcoin ETFs, we observed a temporary dip in BTC's value, dropping to around $48,000 before recovering a significant portion of the weekly movement and slipping below the previous week's highs. Currently, the overall cryptocurrency market reflects a negative trend, with Ethereum standing out positively compared to other cryptocurrencies.

Thanks to ETH's strength and BTC's weakness, the ETHBTC pair exhibits a +17% performance this week, approaching the technical price level of 0.06.

BTC (49 weeks on the rise)
TRX (7 weeks in decline)
ETH (49 weeks in decline)
DOGE (49 weeks in decline)