- The price of Bitcoin yet again made a failed attempt to cross over $38,000 yesterday.
- At the time of writing, Bitcoin is trading at $36,251, down 2.51% in the last 24 hours.
An updated application for a spot Bitcoin ETF has been submitted by WisdomTree. Prominent ETF analyst James Seyffart has said that this modification is normal yet crucial in the multi-stage process of ETF approval. That indicates Wisdom Tree is in constant touch with the U.S SEC about its application to list a spot Bitcoin exchange-traded fund (ETF).
In the upcoming months, Bitcoin’s value may enjoy a major boost due to the halving impact, perhaps leading to a rapid spike in its price. Investors and traders alike are closely watching the Bitcoin halving event in April of next year. However, the magnitude of volatility is still up for debate.
Moreover, as of this Friday, the crucial BTC options have reached their expiry date. The potential weekend movement of Bitcoin might be affected by this event. Approximately 35,000 Bitcoin option contracts will expire today. Deribit estimates that the total worth of these contracts comes to almost $1.3 billion.
Bears Taking Control
Bitcoin has been witnessing a brief correction lately as the overall market turns red. The price of Bitcoin yet again made a failed attempt to cross over $38,000 yesterday and endured a correction.
At the time of writing, Bitcoin is trading at $36,251, down 2.51% in the last 24 hours as per data from CoinMarketCap. Moreover, the trading volume is down 8.39%. The price has been facing severe selling pressure after failing to clear above $38,000.
If the price manages to go past the $36,660 resistance area, then it will yet again test the $38,000 level. However, if the price slips below $35,240 support level then it will likely decline further to test $34,650 mark.
Source: https://thenewscrypto.com/bitcoin-faces-steep-correction-after-failing-to-break-above-38000/