Summary
Bitcoin’s price has dropped to its lowest level since the approval of several exchange-traded funds (ETFs) holding the cryptocurrency. Traders’ attention may now shift to other areas as the initial ETF hype fades. There is potential support around $40,000, which is seen as a significant psychological price point.
Key Points
1. Bitcoin’s price dropped to its lowest level since the approval of exchange-traded funds (ETFs) holding the cryptocurrency by the US government.
2. Traders’ attention has shifted away from ETF hype, leading to a potential focus on other areas in the market, according to Bartosz Lipiński, CEO of Cube.Exchange.
3. Options positioning indicates that there is significant support around the $40,000 price level, which holds major psychological significance for Bitcoin.