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The cryptocurrency market is closely watching the decision on the US spot price ETF, which is expected to be made by January 10. Against this backdrop, the price of bitcoin recorded a notable drop of $1,500 today, according to TradingView data. However, the price remained within its established range, without breaching key resistance levels.
Market analysts at CryptoQuant and Material Indicators noted strategic buying activity on major exchanges like Coinbase and Binance. These purchases at crucial support levels are seen as efforts to prevent further price declines.
Despite today’s decline, market participants remain optimistic about a potential uptrend in 2024. This positive outlook is particularly linked to the possibility of ETF approval, which could be an important catalyst for the market. Additionally, the Bitcoin community is looking forward to the block subsidy halving event planned for April, which has historically had a positive impact on the value of the cryptocurrency.
Investors and traders express their thoughts and concerns on X (formerly Twitter), where discussions reflect the high stakes of the ETF decision. There is consensus that a failure to meet investor expectations for the ETF could lead to market corrections, while approval could boost investor confidence and fuel a positive trend.
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