Bitcoin’s Technicals Suggests Deeper Pullback to $38K: Analyst
Bitcoin’s RSI divergence signals correction, 10x Research said.
Bitcoin’s RSI divergence signals correction, 10x Research said.
Previous landmark events such as Coinbase’s stock exchange listing and ProShares’ futures’based bitcoin ETF debut happened at near market tops.
Bitcoin’s experience cautions traders against betting bullish on volatility on the day of the ETF approval.
Bitcoin ETFs clocked up some $4.6 billion in volumes on their first day, but market volatility hit futures speculators as prices whipsawed.
ARK Invest’s CEO previously predicted the price to reach $1 million by 2030.
The exchange-traded funds will allow better access to bitcoin through regulated entities and draw institutional investors, but the crypto is still a very small asset class, CoinDesk was told.
Some market watchers have termed the trade a possible “marketing stunt,” one that could have drawn attention to WIF as prices took a hit in recent weeks.
Just under half of the bitcoin supply was in profit at the start of last year.
Puts are overbought and calls [are] being sold, Deribit’s CCO Luuk Strijers told CoinDesk, noting the decline in the bitcoin implied volatility index.
Friday’s payrolls will likely compel the Fed to maintain flexibility in its policy decisions going forward, one observer said.