Bitcoin Dips To Lowest Level Since Dec. 12 Before Bouncing As Buyers Hold $40k Threshold

Återutgiven av Platon

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Bitcoin slumped to as low as $40,280 on Jan. 19, its lowest level since Dec. 12, 2023, before rebounding to $41,979 after four hours of consistent sell pressure that liquidated most long positions on major exchanges.

As of press time, Bitcoin traded at $41,609 after failing to breach $42,000. Meanwhile, long liquidations stood at roughly $30 million and made up 85% of all liquidations over the period, based on CoinGlass datum.

bro stora kryptokurser saw similar price movements and are trading in the red for the day. However, the rebound from a crucial support level indicates resilience as investors continue to buy at that key price level.

Håller 40,000 XNUMX dollar

Bitcoin has held above the $40,000 threshold despite facing significant sell pressure over the past week after spot ETFs for the flagship cryptocurrency were godkänd on Jan. 10, resulting in a “sell the news” event.

Smakämnen ETF initially caused the price to surge to $49,000 before investors began taking profit on short-term positions, causing the price to dip back to levels seen in mid-December.

Initial speculation blamed the downward pressure on Gråskala, dumping tens of thousands of its Bitcoin on the market. However, data shows that the nine new ETFs — led by BlackRock and Fidelity — have bought up more Bitcoin than GBTC dumpade.

Baserat på tillgängliga data, Gråskala has sold roughly 60,000 Bitcoin since the ETF began trading, while the “Newborn Nine” have bought roughly 72,000 BTC over the same period. This means that the downward pressure is unrelated to the ETFs, as the newer issuers seem to be actively holding the $40,000 price line.

The nine newly issued spot Bitcoin ETFs are experiencing sustained interest from investors. BlackRock och Fidelity's ETF have already hit $ 1 miljarder in assets under management, equating to more than 25,000 BTC.

Valar tar vinst

Crypto Quant Forskningschef Julio Moreno sade Försäljningen har huvudsakligen kommit från kortsiktiga handlare som kom in i positioner specifikt baserade på ETF-godkännandet för att "köpa ryktet" och Bitcoin-valar som tog vinst efter ett år av vinster.

Meanwhile, the dynamics between long-term and short-term Bitcoin investors are becoming increasingly distinct, as evidenced by recent market activities, according to CryptoSlate forskning.

Långsiktiga innehavare - vanligtvis de som har haft Bitcoin i över 155 dagar, vilket inkluderar valar - har observerats flytta sina tillgångar till börser för att realisera vinster. Denna trend uppstod runt juli 2023, när Bitcoins värde upplevde en betydande nedgång från $30,000 26,000 till $XNUMX XNUMX.

Närmare bestämt, den 17 och 18 januari överförde dessa långsiktiga investerare uppskattningsvis 25,000 1 BTC, värderade till ungefär XNUMX miljard dollar, till börser, ett drag som tolkas som att de tjänade in på sina investeringar utan att lida förluster.

Omvänt har kortsiktiga Bitcoin-innehavare, de som håller sina investeringar i mindre än 155 dagar, visat ett mer oregelbundet mönster. Den 18 januari överförde de en betydande mängd Bitcoin, värd 2.4 miljarder dollar, till börser med förlust.

Detta tyder på en högre aktivitetsnivå bland dessa investerare och minskade vinster. Särskilt de som hade hoppats kunna utnyttja Bitcoins ökning till $49,000 XNUMX verkar redan ha tagit ut sina vinster eller står inför förluster.