Bitcoin, as well as other cryptocurrencies, are taking a hit today. It looks like there is a strong 'sell-the-fact' move ongoing on the cryptocurrency market, following an official SEC approval of Bitcoin spot ETF earlier this week. BITCOIN is down almost 8% over the first two session following ETF approval, and is approaching the lower limit of the market geometry, marking the size of the largest downward correction in the current upward impulse. The next support to watch can be found in the $42,500 area, where 50-period moving average can also be found. A point to note is that this moving average halted previous downward correction.
Situation on the Bitcoin market slowly starts to resemble the one from late-2017, when cryptocurrencies began to slide after Bitcoin futures were approved by US regulators.
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Source: xStation5
Bitcoin futures were launched in 2017, while Bitcoin futures ETFs were approved in 2021. In both case we saw a significant profit taking, following an pre-approval rally. Source: xStation5
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