{"id":9800,"date":"2024-01-15T13:34:34","date_gmt":"2024-01-15T11:34:34","guid":{"rendered":"https:\/\/forklog.com\/en\/bitcoin-faces-potential-correction-to-38000-analysts-warn\/"},"modified":"2024-01-15T13:34:34","modified_gmt":"2024-01-15T11:34:34","slug":"bitcoin-faces-potential-correction-to-38000-analysts-warn","status":"publish","type":"post","link":"https:\/\/forklog.com\/en\/bitcoin-faces-potential-correction-to-38000-analysts-warn\/","title":{"rendered":"Bitcoin Faces Potential Correction to $38,000, Analysts Warn"},"content":{"rendered":"

The divergence between Bitcoin’s price and the RSI indicator may signal risks of further decline towards the dynamic support at $38,000, according to 10x Research, as reported by CoinDesk<\/a>.<\/p>\n

Following the approval of spot Bitcoin ETFs, prices fell by 5% to $42,600, confirming the classic “sell the news” phenomenon, experts noted.<\/p>\n

This was preceded by a rise to a two-year high near $49,000, which was not accompanied by a similar trend in the 14-day RSI. The subsequent price drop confirmed bearish divergence, specialists observed.<\/p>\n

The MACD<\/a> histogram fell below zero, indicating a bearish shift in momentum, analysts pointed out.<\/p>\n

\"1-875\"
Source: CoinDesk.<\/figcaption><\/figure>\n

Experts highlighted the impact on price from capital outflows from GBTC<\/span>, which charges a 1.5% management fee<\/a>, to competing instruments with more attractive terms.<\/p>\n

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“Investors will sell first before transferring their Bitcoin assets to another product issuer. This will exert downward pressure on digital gold. It will remain excessive,”<\/em> experts explained.<\/p>\n<\/blockquote>\n

According to Cryptoquant, Grayscale sent 21,400 BTC to various addresses over the past 30 days.<\/p>\n

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Grayscale sent 21.4k $BTC<\/a> to multiple addresses, including Coinbase, in the last 30 days. pic.twitter.com\/7WK9qV8wa3<\/a><\/p>\n

\u2014 Ki Young Ju (@ki_young_ju) January 13, 2024<\/a><\/p><\/blockquote>\n