ETFs are breaking all records. The ETFs were opened for trading this Thursday, and it was a success! In fact, in total, the 11 ETFs generated a volume of 4.5 billion dollars. This is good news for cryptocurrency enthusiasts, as it indicates that operators are interested in these new investment vehicles. At the opening, the price of Bitcoin returned to close to $49,000 before falling almost 7%. BTC is back at the same level as yesterday, around $46,000. Is the sales scenario after the implementation of ETFs happening?
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Despite the launch of ETFs, the price of Bitcoin stagnates around $46,000
The craze around spot Bitcoin ETFs could have allowed the price of soar above $50,000but the sellers have regained control of the course around $49,000. Therefore, the price of Bitcoin stagnates over 24 hours :
In one week, the course shows a increase of more than 5%. In one month, BTC is in increase of 12%. For its part, the BTC/ETH pair drop of almost 2% in 24 hoursand almost 10% in one week.
A first on-chain support at $38,000 for the price of Bitcoin in the event of a fall
While the price of Bitcoin has came close to $50,000we can now note certain excesses. First, more than 90% of operators are now in profit. Then, as indicated in yesterday’s bulletin, the NUPL (Net unrealized profit/loss) is now in conditions where the market tends to correct. Finally, the market is very far from the curves representing the average purchase price of short-term holders (red curve) and the average purchase price of long-term holders (blue curve). These elements show a certain excess on the market.
After the validation of the first spot Bitcoin ETFs, will the sellers be right? In the event of a fall, the market could find buyers under $40,000 :
In periods of increase as currently, the red curve tends to act as support. In fact, buyers could position themselves to purchase in the event of return around $37,500. If the price reproduces the pattern known in 2019-2020, the price could return to the level of realized price of long-term holders which is located around the $20,000. A disaster scenario (- 60%) which still seems difficult to envisage given the current trend.
Bitcoin price gets rejected on resistance at $47,700
Despite the bulls’ attempt, the sellers managed to lock price around resistance at $47,700. In 4 hours, the course is back on the support at $46,000. A support to keep to avoid falling towards the next one support located at $44,000 :
If buyers react, the price could rebound here and break resistance at $47,700. If the price manages to transform this level into support, the price could find the psychological round number of $50,000. BTC maintains a bullish momentum in 4H For now. The RSI continues to rise contractof the volatility could soon be implemented.
After the successful launch of the 11 spot Bitcoin ETFs, the price was rejected around $49,000. Buyers need to react quickly to avoid losing the support level at $46,000 and falling back towards $44,000. Despite this rejection, the momentum remains bullish for the moment in 4H. Buyers need to break resistance at $47,700 to be able to regain $50,000. At the same time, Ethereum breaks its resistance at $2,400. Ethereum and altcoins could benefit from capital turnover.
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