A Bitcoin Sell Off May Be Coming. Here’s Why.
Bitcoin and other cryptocurrencies slipped lower on Thursday but held near key levels, as a “sell the news” dynamic continued in the wake of the approval of spot Bitcoin exchange-traded funds. More selling could be on the way.
The price of Bitcoin shed less than 1% over the past 24 hours to fall below $39,800, dropping under the psychologically important $40,000 level but holding above recent lows in the $38,000 zone. The largest digital asset remains more than 15% lower from the peak above $48,000 notched amid a trading frenzy around the anticipation and eventual approval of spot Bitcoin ETFs in the U.S. (Bold & Italics Added).