Trading data analysis showed that the Bitcoin market is facing very high sell pressure following the approval of Bitcoin spot ETF applications by the American securities regulatory body.
The current trade price of Bitcoin (BTC) is $42,874 & this trade price is 0.74% higher over the last 24 hours.
Before the approval of Bitcoin spot ETF applications, the majority of Bitcoin investors were expecting a very big pump in the trade price of Bitcoin but it happened totally opposite.
The United States Securities and Exchange Commission (SEC) approved 11 Bitcoin spot ETF applications on 10 Jan 2024.
Before the approval of Bitcoin spot ETF products, the trade price of Bitcoin was fluctuating around $47.5k but after approval, the trade price crashed nearly 10%.
Crypto data analytic platform Kaiko found that the majority of the big Bitcoin sellers are concentrated on Binance, OKX, and Upbit.
On behalf of the current sentiments & trade analysis data, the majority of the experts claim that the trade price of Bitcoin crashed to $40,000 but after that Bitcoin will again start to show big momentum.
The current Bitcoin Fear & Greed index is 64 & this is a sign that the net amount of investors are greedy & not expecting a big downfall in the coming days for the price of crypto assets but they are unaware of institutional Investors, which has been active at a big level since 11 Jan.
Alongside all speculations, the long-term veteran Bitcoin traders suggested waiting for a big Bitcoin dump to accumulate some Bitcoins or a fraction of Bitcoin because the Bitcoin halving event is only a few months away.
Just a month ago, we already reported that the past Bitcoin halving pattern showed that the Bitcoin trade price crashed nearly 20% to 50% before halving and after that Bitcoin followed parabolic price growth by more than 100% in a year. This means we should wait for a decent dump in the trade price to hold for long term.
Read also: Circle (USDC) exec believes Stablecoins regulation law will come within 2024
Data shows Bitcoin facing high sell pressure after Bitcoin spot ETF approval, what next?
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