There was much hype around the launch of Bitcoin ETFs with many "experts" predicting a melt-up, so far the event has been met with a sell-off. If there were many buyers expecting a price move upwards, then there might be sufficient stops to be triggered. The number to watch is $40,181.00, any lower than this means the cycle has turned bearish with price expected to move towards the 200 week moving average around $30,000.00 level.
Note
Bitcoin now failed the daily cycle, we can expect price to trend downwards in search of a weekly low.
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.