#BitcoinPriceDrop #CryptoMarket #BitcoinTrade #BitcointoUSD #BTCUSD #CryptoNews #BitcoinPriceResistance #BitcoinSupportLevels
Bitcoin’s price has witnessed a major dip below the $44,000 mark following speculation of the spot ETF’s rejection. This has spurred a significant descent of more than 10%, but an unwavering support at a $40,000 threshold is still provided by the bullish traders. The price has even briefly dropped below the crucial $40,000 level, and it continues to trade under $43,500, together with the 100 hourly Simple moving average.
A crucial bullish trend line was broken through, with the support near $43,200, demonstrated on the hourly chart of the BTC/USD pair based on data from Kraken. The pair has the potential to rise again if it can surpass the resistance at $43,500. Bitcoin’s appreciation was stifled at the $46,000 resistance level, initiating a selling spree, which was exacerbated by the rumors regarding the spot ETF. This led to a bearish trend, pushing the price below the $44,000 market. The BTC/USD pair then observed a steep fall of over 10%, slipping under the $40,000 level momentarily.
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