Developments related to the spot Bitcoin ETF process continue to influence the direction of crypto assets, including Bitcoin. Recently, Grayscale’s Bitcoin sales and investors’ exits from this investment fund continue to create pressure on the Bitcoin price. In the last few minutes, the Bitcoin price has fallen below $41,000.
Bitcoin Chart Analysis
Following the recent developments, the Bitcoin price rose to $49,000 last week after the approval of ETFs, but the onset of profit-taking in this region caused Bitcoin to fall below $41,000 at the time of writing. With the recent decline, Bitcoin has experienced a breakdown at the support line of the rising channel formation on the four-hour chart.
The most important support levels to watch on the four-hour chart for Bitcoin are; $40,805 / $40,133 and $39,416 respectively. Particularly, a four-hour bar close below the support level of $40,805, which acted as support in the last bar formation, will lead to selling pressure on the Bitcoin price.
The most important resistance levels to watch on the four-hour chart for Bitcoin are; $41,265 / $41,710 and $42,328 respectively. Especially, a four-hour bar close above the $41,710 level, which intersects with the support line, will help Bitcoin regain momentum.
