#BTC - back above $43,000 📈

Published on Jan 30, 24

Bouncing off the support at $38,500, this week #BTC has risen over $43,000, highlighted in the previous analysis, #BTC has started a recovery, breaking through the $42,000 mark with a strong impulse. 🙅‍♂️ However, the market news does not favor growth. The SEC has delayed the decision on an #ETH ETF. The U.S. plans to sell over $100 million in confiscated Bitcoin. Grayscale continues to sell #BTC, liquidating over $4.4 billion in the last 10 days alone. Certainly, not all news in the market is negative. While Grayscale is selling, BlackRock and Fidelity are accumulating. In less than 10 days, the companies acquired 45.6k #BTC and 45.3k #BTC, respectively (~$3.6 billion total). Still, these volumes do not compensate for the strong selling pressure. 📊 On the 4-hour chart, we see that #BTC has not yet returned to the local upward trend. As long as the buyers cannot establish itself above it, the priority remains a continuation of the correction with an attempt by sellers to push below $38,500.