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The Bitcoin price plunged 2.3% in the last 24 hours to trade at $40,772 as of 11:30 p.m. EST, as its trading volume declined 24% to $25 billion.
This drop comes after Cathie Wood’s ARK Invest offloaded $12.85 million worth of Grayscale Bitcoin Trust (GBTC) shares from its Next Generation Internet (ARKW) exchange-traded fund (ETF).
This sale of 395,945 GBTC shares reduces ARKW’s holdings to about $112.7 million in GBTC, representing a 6.95% weighting in the fund.
ARK’s investment strategy is designed to maintain diversification, ensuring that no single holding within its ETFs exceeds 10% of the fund’s total market value.
The Bitcoin Price: Bulls Remain Optimistic
Bitcoin has faced rejection at $45,000, which has allowed the bears to drive the price down in a corrective phase. If the downtrend continues, bulls should be looking for a safety net at $38,500.
However, the BTC price remains bullish, positioned above the 50-day and 200-day simple moving averages (SMAs), which affirm the general bullish momentum and establish immediate support.
The Relative Strength Index (RSI) is trading downward toward the 50-midline level at 56. If the bullish momentum sustains, the RSI may rebound on the 50 level, raising above the overbought level.
The Bitcoin Price: Bulls Target $50,000 Peak
The Bitcoin price is currently under the spotlight, with optimistic market participants aiming for a peak of $50,000.
Should bears take advantage of this corrective phase, they may apply downward pressure to the price. This will prompt a retracement towards the $38,500 support level, which aligns with the lower boundary of the ascending triangle.
Investors looking for more upside potential may want to consider the BTCETF token, which has gained significant momentum and offers a compelling alternative to Bitcoin.
BTCETF Token: Less than 24 Hours to Price Hike. Buy Fast
The BTCETF Token, an ERC-20 token crafted to reward holders based on the success of Bitcoin ETFs, is garnering substantial attention within the cryptocurrency community after successfully raising more than $3.7 million in funding and rapidly approaching its $3.86 million milestone.
BTCETF tokens are priced at $0.0066, but that will increase in just 12 hours.
El Salvador’s #Bitcoin bonds gain regulatory approval for an early 2024 issuance on Bitfinex Securities, a regulated division of @bitfinex.
President Nayib Bukele confirms Q1 2024 issuance. 💸
What impact do you foresee these #Bitcoin-backed bonds having on El Salvador's $BTC… pic.twitter.com/zj7Yc2f7yg
— BTCETF_Token (@BTCETF_Token) December 12, 2023
Earn Passive Income Staking BTCETF
Purchasing and holding BTCETF tokens presents an opportunity to engage with the platform’s staking feature, securing an impressive annual percentage yield (APY) of 75%.
This attractive staking feature has drawn the attention of numerous investors seeking passive income, especially as they anticipate a potential increase in the token’s value upon the approval of spot Bitcoin ETFs.
Cilinix Crypto, a YouTuber and cryptocurrency analyst, gives details on the token’s potential. He says that the anticipation of approval for spot Bitcoin ETFs is fueling significant excitement and driving the price of the BTCETF.
You can visit the Bitcoin ETF official site to buy BTCETF tokens. Connect your Web3 wallet and swap your ETH, USDT, or MATIC for BTCETF tokens. Alternatively, use your bank card to buy the tokens directly.
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