Not much time has passed since the first Bitcoin ETF was approved in the United States. Contrary to consensus, the approval did not cause BTC’s price to go off the charts.
Instead, the world’s largest cryptocurrency is struggling near one-month lows. Bitcoin is hovering around the crucial $40,000 mark, and even the smallest fluctuations could define the coin’s movement for months.
The market was divided in reaction to Bitcoin bouncing back to the $40,000 level. Two weeks have passed since then. ETF approvalAnd volatility has become more widespread in the cryptocurrency market.
Bitcoin is currently trading at $40,001.23, up 0.47% over the last 24 hours. The coin continues to fluctuate, falling 6.60% in the past week. Bitcoin has yet to pass the nearest resistance zone located at $40,169. The coin also has support levels around $39,000, justifying a split in the market. The future of BTC.
Traders on several social media platforms are on the opposite spectrum, signifying a critical period for Bitcoin. Telegram users were extremely bearish for most of the downturn.
However, during bear markets, Reddit users were the most active buyers. X/Twitter users mimicked the trends of Telegram users and were bearish during the downturn. 4Chan users were indecisive and did not perform much activity.
If Bitcoin breaks through the nearest resistance level, the cryptocurrency will comfortably remain above $40,000. However, the decline means the cryptocurrency will fall towards the $39,000 level for some time.