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Everyone was expecting a massive increase in Bitcoin price, but the price, which rose to the $49,000 limit, could not surpass this area. To dampen the ETF excitement, the SEC did many things, intentionally or unintentionally. Account hacking, the removal of the announcement from the site, and then hiding the message that they gave approval in a long text by Gensler, and much more. All these reduced the ETF excitement along with the Matrixport report.
Bitcoin (BTC)
As the ETF excitement waned, investors were overwhelmed with last-minute news chains while waiting for a single breaking news. Therefore, investors expecting an increase in Bitcoin’s price made a sale of $4.7 billion, according to CryptoSlate research and data analyst James Van Straten. Although the short-term disappointment pulled down the BTC price, demand was formed despite the $4.7 billion sale, and the $41,800 threshold was maintained.
Bitcoin broke below the support line on January 14th. The 20-day EMA is turning down, and the RSI is close to 46. Looking at these two, we can say that the bears are currently in a favorable position. If the expected sales starting at $43,693 are countered by the bulls, $50,000 could be targeted.
In the opposite scenario, we could see a drop to $40,000 and then to $37,980. In this case, it wouldn’t be surprising to see altcoins lose nearly twice their value.
Ethereum (ETH)
The price of the largest altcoin currently looks strong as the bulls try to maintain the $2,458 support. The upward-sloping 20-day EMA ($2,398) is positive for those expecting a rise. The RSI is positive, and from here, the upward movement could continue up to $2,717.
However, in the scenario where $2,400 is lost, despite the optimism for a spot ETH ETF, things could change. This movement, which would interrupt the short-term rise expectation, could lead to a drop to $2,282 and $2,100.
Ripple (XRP)
The bulls’ attempt to recover in XRP stopped near the downtrend line. Although the series of fake $15 billion exchange transfers approximately 24 hours ago did not affect the price, the BTC sales shook it as well. The falling 20-day EMA ($0.59) points to this area. The RSI also warns of a downward trend. If XRP Coin falls from here, it could tumble to $0.5.
For the opposite scenario, closures above the downtrend line are necessary, and here, the areas of $0.67 and $0.74 (which everyone has memorized by now) could be surpassed.
