As Matrixport analyst Markus Thielen’s research report was released, the price of Bitcoin (BTC) suffered a flash crash. The report suggests that the SEC could reject all ETF applications, which contrasts with other reports. This resulted in nearly $2 billion of OI disappearing from the markets, and more than $500 million in long positions were also liquidated.
It was the day the genesis block of Bitcoin was mined, 15 years ago. The recent bullish price action indicated that market participants have become bullish ahead of the spot Bitcoin ETF. However, the research report has ruined the bullish trajectory for some time, which could hamper the progress of the rally to a large extent.
After surpassing $45,000, the recent pullback has caused the price to drop to a daily low around $40,750. Technical data has turned bearish, supporting this assertion and suggesting prolonged downward action. A popular analyst, Michael van de Poppe thinks the price could eventually fall below $40,000, which could further trigger a nice rebound.
The analyst believes that the price could drop to between $36,000 and $39,000, which could be a strong buying zone. With this, it is believed that the price will trigger a rebound and surpass $50,000. The analyst also claims that the BTC price could remain consolidated between these ranges for some time to come.
“Not much happened, despite a sell-off in altcoins.
Bitcoin is still stuck in a range.
Personal interest to buy there between $36,000 and $39,000 and interest to sell it between $48,000 and $51,000.
These areas will likely be areas for Bitcoin for a substantial period of time.