After a long-awaited spot-Bitcoin ETF approval, the price trajectory hasn’t panned out for investors as they thought it would. Bitcoin’s (BTC) price experienced a downturn, which sent its price below the $40,000 threshold. And it might just be the beginning.
A weekly chart close below the $38,000 mark may indicate a potential downturn for Bitcoin, with a focus on the robust support cluster situated around $33,000.
This critical region incorporates multiple technical components, including the lower boundary of a parallel channel, the 0.5 Fibonacci retracement level, and the 50-week simple moving average, as per a post on X from cryptocurrency analyst Ali Martinez on January 24
Potential further lows for BTC. Source: Ali Martinez
The convergence of these factors establishes a noteworthy line of defense that has the potential to impede further declines in the price of maiden crypto.
Historical movement as a possible prediction
Historical price movement might be a nice indicator for i
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