Developments regarding the Spot Bitcoin ETF process in the cryptocurrency market continue to shape crypto assets, especially Bitcoin. Grayscale’s recent Bitcoin sales and the exit of investors from this investment fund continue to put pressure on Bitcoin prices. In the last few minutes, Bitcoin price dropped below $41,000.
Bitcoin Chart Analysis
Recent developments show Bitcoin prices rising to $49,000 following last week’s ETF approval, but profit-taking that started in the region has pushed Bitcoin below $41,000 at the time of writing. Due to the recent decline, Bitcoin witnessed the break of the support line of the ascending channel formation structure formed on the 4-hour chart.
The main support levels to watch out for on Bitcoin’s 4-hour chart are: Levels 40,805/40,133 and $39,416. Especially a 4-hour period ending below the $40,805 level, which served as support during the last formation, will create selling pressure on the Bitcoin price.
Here are the key resistance levels to watch on Bitcoin’s 4-hour chart: The levels are $41,265/$41,710 and $42,328. Bitcoin may gain momentum, especially if the four-hour period ends above the $41,710 support level.
