{"id":231223,"date":"2024-01-18T00:08:02","date_gmt":"2024-01-17T18:38:02","guid":{"rendered":"https:\/\/dripp.zone\/news\/is-the-bitcoin-price-correction-post-btc-etf-correction-to-42k-healthy-crypto-news\/"},"modified":"2024-01-18T00:08:08","modified_gmt":"2024-01-17T18:38:08","slug":"is-the-bitcoin-price-correction-post-btc-etf-correction-to-42k-healthy-crypto-news","status":"publish","type":"post","link":"https:\/\/dripp.zone\/news\/is-the-bitcoin-price-correction-post-btc-etf-correction-to-42k-healthy-crypto-news\/","title":{"rendered":"Is The Bitcoin Price Correction Post BTC ETF Correction To $42k Healthy? – Crypto News"},"content":{"rendered":"

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\nBitcoin price wobbles in the red with support at $42,000 staying firm. A rebound from this support is expected in the coming sessions with a breakout to $50,000 on the cards.\t\t\t\t<\/p>\n

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Published 10 mins ago <\/p>\n

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Jitters are spreading across the crypto community like wildfire raising questions about whether\u00a0Bitcoin price<\/span><\/a>\u00a0will continue with the correction from its 2024 peak at $49,000 to below $40,000.<\/p>\n

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There was a modest price increase after the Securities and Exchange Commission (SEC) approved a bunch of spot BTC ETFs but the short-lived trend fizzled out, leaving the coin spiraling below $42,000.<\/p>\n

Although bulls tackled the bearish situation bolstering the price above $43,000 this week, their influence did not last long, considering an ongoing correction to $42,370.<\/p>\n

According to the popular analyst Micha\u00ebl van de Poppe, with more than 685k followers on X, Bitcoin is eager to consolidate within the range high at $50,000 and the range low at $38,000 as the hype around the ETF fades away.<\/p>\n

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#Bitcoin<\/a> is eager to consolidate within this range, the ETF hype slowly fading away.<\/p>\n

The launch of the ETF was one of the best performing launches in terms of net inflow and volume, and will show in the coming years.<\/p>\n

Potential resistance at $46K and support at $39-41K. pic.twitter.com\/Ggx3cteN3v<\/a><\/p>\n

\u2014 Micha\u00ebl van de Poppe (@CryptoMichNL) January 17, 2024<\/a><\/p>\n<\/blockquote>\n

Despite the mundane price action after the approval, many analysts and experts like\u00a0Bloomberg\u2019s<\/span><\/a>\u00a0Eric Balchunas have pointed out that the\u00a0Bitcoin ETF<\/span><\/a>\u00a0emerged as one of the best-performing launches based on net inflow and volume. Many believe that the impact of the ETF will be seen in the coming years.<\/p>\n

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Let me put into context how insane $10b in volume is in first 3 days. There were 500 ETFs launched in 2023. Today, they did a COMBINDED $450m in volume. The best one did $45m. And many have had months to get going. $IBIT<\/a> alone is seeing more activity than the entire ’23 Freshman\u2026 https:\/\/t.co\/wV1zQFtPW1<\/a><\/p>\n

\u2014 Eric Balchunas (@EricBalchunas) January 16, 2024<\/a><\/p>\n<\/blockquote>\n

How To Navigate Bitcoin Price Correction And Market Uncertainty<\/h2>\n

Pressure is mounting on Bitcoin to sweep through lower levels below $42,000. The largest crypto holds below all three major MAs applied to the four-hour chart, starting with the 20 Exponential Moving Average (EMA) (blue), the 50 EMA (red), and the 200 EMA (purple) compelling holders to stay on the edge not knowing whether to sell right away or hold on until BTC finally figures out the next move.<\/p>\n

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Support in the yellow band will continue to play a vital role in Bitcoin\u2019s technical outlook. A rebound from this area would raise the stakes for the bulls. This, coupled with renewed interest could create a suitable environment for an anticipated climb toward $50,000.<\/p>\n

Recommended:<\/b>\u00a0Best Altcoins To Buy January 17: ETH, TIA, SUI<\/span><\/a><\/span><\/p>\n

\"Bitcoin