Bitcoin Has Fallen to $38,900 Since the ETF Trading Started
For the first time since the Bitcoin ETFs started trading, the value of the major cryptocurrency has fallen to $38,900.
Over the past 24 hours, the price of Bitcoin has fallen 4.38% to $38,920 at the time of writing. The asset has fallen 20% since the Bitcoin ETFs began trading.
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Bitcoin has recorded a seven-week low, but analysts warn that the worst is yet to come. Part of the experts are confident, the Bitcoin price continues its upward correction amid the waning excitement around spot Bitcoin ETFs. Katie Stockton of Fairlead Strategies said that Bitcoin could fall to $36,000, adding that it won't stay there for long.
Additional pressure on the cryptocurrency is exerted by the outflow of funds from Bitcoin trust Grayscale Investment, which turned from a closed institution into an ETF, allowing investors to withdraw funds freely. The fall in the price of BTC has also been bolstered by the sell-off of assets by bankrupt FTX. Still, the current Bitcoin movement is quite an expected event before the real bullish trend, other experts are sure.
It looks like Bitcoin has been unable to hold the $39,650 support level as the price continues to fall. The next support level is at $38,500, just above which traders are holding Bitcoin at the time of writing. A drop of $38,500 would send the Bitcoin price even lower.
This is not a 100 percent statement. The cryptocurrency market is very volatile and unpredictable. Remember the importance of DYOR.
