Bitcoin Price Consolidates, Eyeing for a Breakout as ETF Hype Fades

• At the time of writing, Bitcoin is trading at $42,815, down 0.12% in the last 24 hours.
• If the price manages to go above $43,960 then the price will likely test $44,650.

A renowned economist and Bitcoin skeptic, Peter Schiff, has lately delivered a dire prognosis. Schiff has stated his opinion in a series of social media postings that the impending regulatory reforms, led by U.S SEC Chair Gary Gensler, might have a major influence on the feasibility and cost of doing Bitcoin transactions.

Schiff is most worried about the possibility of the SEC implementing new, strict restrictions around cryptocurrencies. Bitcoin bulls are desperately seeking anything to cling onto for the short future as the spot Bitcoin ETF excitement starts to fade. Moreover, the next halving event will take place in around three months.

Based on data research by Santiment, crypto sharks with less than 1,000 Bitcoins have been selling their coins recently, while whales with 10,000 or more have been buying more coins. In contrast to other exchange-traded funds (ETFs), spot Bitcoin ETFs had a phenomenal first three days of trading in the U.S.

Market data from 2023 shows that 500 new exchange-traded funds (ETFs) in the U.S generated $450 million in trading activity, while spot Bitcoin ETFs recorded approximately $10 billion in just 3 days.

Eyeing Breakout

At the time of writing, Bitcoin is trading at $42,815, down 0.12% in the last 24 hours as per data from CoinMarketCap. Moreover, the trading volume is up 13.48%. The price has been consolidating lately in a confined range, eyeing for a breakout in either direction.

If the price manages to go above $43,960 then the price will likely climb further to test $44,650 resistance level. However, if the price goes below $41,710 level, then it will likely decline further to test $41,380 support level.