Bitcoin is Dipping to $40,000
Bitcoin (BTC) experienced a decline of 2.8% this week, reaching $40,590 per coin, which is in close proximity to the crucial psychological support at $40,000. Despite negative developments, some crypto enthusiasts choose to focus on the deliberation of spot Bitcoin-ETF capital inflows. Since their approval on January 10, over $30 billion has flowed into ETFs, marking a 200% increase compared to inflows into silver ETFs during the same period.
However, from a technical standpoint, BTC is showing signs of deterioration. If the coin falls below the $40,000 support level, it could extend its decline to $35,000 and potentially even $30,000. Such a drop may be surprising to those who believed in the possibility of a pre-halving rally without experiencing significant price corrections.
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