{"id":570234,"date":"2024-01-18T21:00:29","date_gmt":"2024-01-18T21:00:29","guid":{"rendered":"https:\/\/ktsl888.com\/?p=570234"},"modified":"2024-06-11T08:46:12","modified_gmt":"2024-06-11T08:46:12","slug":"bitcoin-price-in-danger-this-terrible-story-could-happen-again","status":"publish","type":"post","link":"https:\/\/ktsl888.com\/news\/bitcoin-price-in-danger-this-terrible-story-could-happen-again\/","title":{"rendered":"Bitcoin Price In Danger? This Terrible Story Could Happen Again"},"content":{"rendered":"

The Bitcoin price has been moving steadily at its current but failed to meet general expectations. Following the approval of the spot Bitcoin Exchange Traded Funds (ETFs), market participants were expecting potential scenarios. <\/strong><\/p>\n

Related Reading: Why Is Bitcoin Price Trading Sideways? 3 Key Factors<\/a><\/div>\n

In these potential scenarios, Bitcoin pushed through critical resistance at $48,000 and continued making new highs, or the cryptocurrency retraced to $30,000. As usual, the market has avoided pleasing the crowd as BTC trades at $42,000.<\/p>\n

\"bitcoin
BTC’s price trends to the upside on the daily chart. Source: BTCUSDT on Tradingview<\/strong><\/a><\/figcaption><\/figure>\n

Bitcoin Price Ready To Dip?<\/h2>\n

The spot BTC ETFs have been influencing the market; the capital flows from these financial products have been used to suppress the cryptocurrency. A pseudonym analyst<\/a> has been keeping track of crypto exchange Coinbase to connect the flows with the Bitcoin price action.<\/p>\n

Since its initial launch on January 11, the BTC flows into Coinbase have increased. This trading venue is key due to its role as Custodian in most spot Bitcoin ETFs filed with the US SEC.<\/p>\n

Thus, asset managers who want to buy or sell BTC go to Coinbase. The exchange sees fluctuations in its Bitcoin price in the spot market compared to other exchanges.<\/p>\n

As the trading volume on Coinbase has increased since the spot Bitcoin ETFs launch, the platform records some of its highest activity. In the meantime, the Bitcoin price trends sideways. The pseudonym analyst stated:<\/p>\n

(\u2026) supply is coming from somewhere, obviously gbtc and maybe some others, like cme futures, anyways, whats most important is coinbase is still trading discount compared to other spot venues and thats very weak, unless you’re managing billions $, you can probably wait to fomo once coinbase is dragging market up instead of dripping sells.<\/p><\/blockquote>\n

Another crypto analyst echoed<\/a> these words; the chart below shows that the Coinbase Premium Gap signals strong selling pressure. If history repeats, the metric hints at a fierce crash for Bitcoin.<\/p>\n

\"Bitcoin
Coinbase Premium Gaps signals trouble for Bitcoin. Source: CryptoQuant via JA Maartun on X<\/figcaption><\/figure>\n

In that sense, the analyst recommends \u201cpatience\u201d while Bitcoin moves sideways and the Coinbase Premium Gap signals a potential dip into support.<\/p>\n

Bitcoin ETFs Breaking Record<\/h2>\n

A report from Reuters indicates that the spot Bitcoin ETFs attracted almost $2 billion in their first few days of trading. BlackRock and Fidelity led these capital inflows and will maintain them depending on their fee structure, CEO of CF Benchmarks Sui Chung claims, while adding<\/a>:<\/p>\n

Those that charge the lower management fees will unsurprisingly make themselves more appealing compared to their peers. Brand recognition is another core aspect.<\/p><\/blockquote>\n

Related Reading: Bitcoin Sees Massive Sell-Off From Miners, As Price Holds Steady<\/a><\/div>\n

However, several experts have questioned these flows, which disputed the numbers. Three days after the ETFs launched, NewsBTC reported<\/a> $800 million in new inflows based on a report by Eric Balchunas, ETF expert for Bloomberg Intelligence.<\/p>\n

Cover image from Unsplash, chart from Tradingview<\/p>\n","protected":false},"excerpt":{"rendered":"

The Bitcoin price has been moving steadily at its current but failed to meet general expectations. Following the approval of the spot Bitcoin Exchange Traded Funds (ETFs), market participants were expecting potential scenarios. Related Reading: Why Is Bitcoin Price Trading Sideways? 3 Key Factors In these potential scenarios, Bitcoin pushed through critical resistance at $48,000 and continued making new highs, or the cryptocurrency retraced to $30,000. As usual, the market has avoided pleasing the crowd as BTC trades at $42,000. Bitcoin Price Ready To Dip? The spot BTC ETFs have been influencing the market; the capital flows from these financial products have been used to suppress the cryptocurrency. A pseudonym analyst has been keeping track of crypto exchange Coinbase to connect the flows with the Bitcoin price action. Since its initial launch on January 11, the BTC flows into Coinbase have increased. This trading venue is key due to its role as Custodian in most spot Bitcoin ETFs filed with the US SEC. Thus, asset managers who want to buy or sell BTC go to Coinbase. The exchange sees fluctuations in its Bitcoin price in the spot market compared to other exchanges. As the trading volume on Coinbase has increased since the spot Bitcoin ETFs launch, the platform records some of its highest activity. In the meantime, the Bitcoin price trends sideways. The pseudonym analyst stated: (\u2026) supply is coming from somewhere, obviously gbtc and maybe some others, like cme futures, anyways, whats most important is coinbase is still trading discount compared to other spot venues and thats very weak, unless you’re managing billions $, you can probably wait to fomo once coinbase is dragging market up instead of dripping sells. Another crypto analyst echoed these words; the chart below shows that the Coinbase Premium Gap signals strong selling pressure. If history repeats, the metric hints at a fierce crash for Bitcoin. In that sense, the analyst recommends \u201cpatience\u201d while Bitcoin moves sideways and the Coinbase Premium Gap signals a potential dip into support. Bitcoin ETFs Breaking Record A report from Reuters indicates that the spot Bitcoin ETFs attracted almost $2 billion in their first few days of trading. BlackRock and Fidelity led these capital inflows and will maintain them depending on their fee structure, CEO of CF Benchmarks Sui Chung claims, while adding: Those that charge the lower management fees will unsurprisingly make themselves more appealing compared to their peers. Brand recognition is another core aspect. Related Reading: Bitcoin Sees Massive Sell-Off From Miners, As Price Holds Steady However, several experts have questioned these flows, which disputed the numbers. Three days after the ETFs launched, NewsBTC reported $800 million in new inflows based on a report by Eric Balchunas, ETF expert for Bloomberg Intelligence. Cover image from Unsplash, chart from Tradingview<\/p>\n","protected":false},"author":535,"featured_media":570235,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[3],"tags":[428,679,1119,1122,16168,17066,78790,1393,87374],"class_list":["post-570234","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-bitcoin","tag-bitcoin-price","tag-btc","tag-btc-price","tag-btc-price-forecast","tag-btc-price-prediction","tag-btcusdt","tag-coinbase","tag-coinbase-premium"],"acf":[],"yoast_head":"\nBitcoin Price In Danger? This Terrible Story Could Happen Again<\/title>\n<meta name=\"description\" content=\"y. 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His journey began with translating articles for various crypto news outlets, a role he took on with zeal. In 2018, amidst a challenging market, he embraced his first writing assignment, demonstrating his unwavering commitment to the nascent industry and the promise of change it bears for many people worldwide. In March 2021, he joined the prestigious crypto news outlet NewsBTC and Bitcoinist, where he not only reported on the latest crypto news but also had the privilege of interviewing some of the industry's most influential figures. A year later, his dedication and hard work were recognized, and he was promoted to Managing Editor, a position he currently holds with pride. He believes in honesty, good communication, hard work, and the power of cryptocurrency and its potential to transform people's lives, especially those alienated by the legacy financial system. Born in 1992 in Venezuela, Reynaldo is familiar with how governments and central banks can negatively affect people, their everyday lives, and their futures by creating inflation and erasing their hopes for a better future. Thus, like many Venezuelans, he embraced this new technology to help him and his family navigate difficult times. In another life, Reynaldo would have pursued a career as an investigator, most likely tracking down the origins of the Cyberpunk movement with the publication of William Gibson\u2019s \u2018Neuromancer.\u2019 The intersection between fiction and reality, with the materialization of Bitcoin in 2009, would have allowed him to dive deep into the crypto sphere as something more than a financial phenomenon but also a cultural shift in society that was brewing since the XX century, and maybe even sooner, in the XIX century with the publication of Henry David Thoreau\u2019s \u2018Civil Disobedience.\u2019 But that\u2019s for another life. In this one, Reynaldo has been trading to improve his trading skills. Since 2023, he has been trying to learn Python to create successful strategies and find ways to execute them. It is a difficult task, which continues to keep him busy today and will most likely continue to keep him busy in the near and long term. In his free time, he enjoys lifting heavy objects, reading, watching movies, and listening to his favorite music. Some of his favorite authors are Walt Whitman, William Faulkner, Allen Ginsberg, James Baldwin, Raymond Carver, Ray Bradbury, George Orwell, Mario Vargas Llosa, Reinaldo Arenas, Rafael Cadenas, and many others. Lately, he has been primarily interested in reading about dystopic societies, a topic that deeply resonates with the crypto industry. Since 2023, he has lived in Spain with his wife. He loves the weather, the food, and the people and their culture. They both expect to travel much more within the country they now call home and beyond its border. 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His journey began with translating articles for various crypto news outlets, a role he took on with zeal. In 2018, amidst a challenging market, he embraced his first writing assignment, demonstrating his unwavering commitment to the nascent industry and the promise of change it bears for many people worldwide. In March 2021, he joined the prestigious crypto news outlet NewsBTC and Bitcoinist, where he not only reported on the latest crypto news but also had the privilege of interviewing some of the industry's most influential figures. A year later, his dedication and hard work were recognized, and he was promoted to Managing Editor, a position he currently holds with pride. He believes in honesty, good communication, hard work, and the power of cryptocurrency and its potential to transform people's lives, especially those alienated by the legacy financial system. Born in 1992 in Venezuela, Reynaldo is familiar with how governments and central banks can negatively affect people, their everyday lives, and their futures by creating inflation and erasing their hopes for a better future. Thus, like many Venezuelans, he embraced this new technology to help him and his family navigate difficult times. In another life, Reynaldo would have pursued a career as an investigator, most likely tracking down the origins of the Cyberpunk movement with the publication of William Gibson\u2019s \u2018Neuromancer.\u2019 The intersection between fiction and reality, with the materialization of Bitcoin in 2009, would have allowed him to dive deep into the crypto sphere as something more than a financial phenomenon but also a cultural shift in society that was brewing since the XX century, and maybe even sooner, in the XIX century with the publication of Henry David Thoreau\u2019s \u2018Civil Disobedience.\u2019 But that\u2019s for another life. In this one, Reynaldo has been trading to improve his trading skills. Since 2023, he has been trying to learn Python to create successful strategies and find ways to execute them. It is a difficult task, which continues to keep him busy today and will most likely continue to keep him busy in the near and long term. In his free time, he enjoys lifting heavy objects, reading, watching movies, and listening to his favorite music. Some of his favorite authors are Walt Whitman, William Faulkner, Allen Ginsberg, James Baldwin, Raymond Carver, Ray Bradbury, George Orwell, Mario Vargas Llosa, Reinaldo Arenas, Rafael Cadenas, and many others. Lately, he has been primarily interested in reading about dystopic societies, a topic that deeply resonates with the crypto industry. Since 2023, he has lived in Spain with his wife. He loves the weather, the food, and the people and their culture. They both expect to travel much more within the country they now call home and beyond its border. He hopes to retire with his wife, maybe in a quiet place near a beach, but most likely in a city close to a library and a university with his kids and, hopefully, grandkids.","sameAs":["https:\/\/www.linkedin.com\/in\/reynaldo-mrquez-2ab111190\/","https:\/\/x.com\/rl_m"],"url":"https:\/\/ktsl888.com\/author\/reynaldomarquez\/"}]}},"parsely":{"version":"1.1.0","meta":{"@context":"https:\/\/schema.org","@type":"NewsArticle","headline":"Bitcoin Price In Danger? 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