Quote from: CageMabok on Today at 11:25:29 AM

Quote from: Jegileman on January 20, 2024, 10:25:39 PM

If you’ve been following up on this bitcoin spot ETF approval, you should know that at the time it was been approved by SEC, it will not have any impact on the market again. So many news about the approval that were faked was first released and we can see how the market immediately reacted to those news. Because of the too many dubious news about the bitcoin spot ETF, it made people lost confident in it and it could not affect the market trend again and the market has to just trail on its own path like we are experiencing now.

Now the market path, especially the price of Bitcoin, is no longer so volatile and has even moved sideways without further increase. This means that the effect of the ETF approval is starting to be less significant even though it is still important enough to be approved by the SEC, because because of this at least it did not cause Bitcoin prices to correct more deeply this month. And it can also provide good resistance in the $40K and above range because there are many people who still believe in holding and buying Bitcoin at the beginning of this year.

The impact of the bitcoin ETF approval on the market was short-lived and as usual it was just FOMO being exploited. Basically, the positive impact of ETF on the market is expected to occur in the long term because after all investors need to see how the market works after the ETF is approved so as not to experience large losses.

Even though ETF and several other reasons can influence the price of bitcoin, large amounts of conversion of bitcoin to fiat can also cause the price to be corrected. The price of bitcoin is currently tend close to the $40k support level and it is not resistance, but the resistance that will likely be tested during the remainder of January is at $43k to $44k.