If we look at Bitcoin in a 4-hour time frame, it has continuously fallen after being rejected from the $48,000 level following the approval of a spot Bitcoin ETF. It has also formed a price action pattern of “Lower Highs and Lower Lows” as seen on the chart.
@RodrigooToic The ETF, known as the iShares Bitcoin Trust (IBIT), has seen its market capitalization reach $2.11 billion due to Bitcoin’s recent price performance
Despite this price action phenomenon, the technical indicators on the 4-hour time frame also give a negative sign for Bitcoin, confirming a bearish golden crossover as of today.
This time, Bitcoin’s new lower high is at $40,200. Following this new lower high, the upcoming lower low, which we may witness, will likely be around the $38,000 level.