🔥 Bitcoin Spot ETF Approved: DUMP ALARM 🚨

After yesterday's false start, Bitcoin's long anticipated ETF is finally here. However, it remains to be seen whether this ETF approval will be bullish or not.

In the long-term, definitely. Price action over the next few weeks/months is likely bearish. As mentioned before, I'm expecting a short swift pump towards 48,000$ before hitting two major resistances and dump.

Reasons for this bearish view:
- Strong pump into news. Buy the rumor, sell the news?
- Top yellow resistance of the channel
- 48k resistance, last major resistance before the ATH.
- The ETF approval is a perfect bull-trap for retail traders. Whales have already bought their Bitcoin's in the last year.

The bottom support of the channel seems like a decent bearish target. Potentially even 30k.

I will switch from bear to bull if we can get a weekly close above 50k. This indicates that the 48k resistance has been broken and will decrease the probability of a fake out. Happy to be proven wrong.

For now, be careful for high volatility.

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Previous analyses

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BTC hit 49k on the first pump during live ETF trading. Hard rejection for now. Long-term trend is still bullish, but my expectation is playing out relatively well. A weekly close above 50k will invalidate my bearish narrative.

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BTC looks like it has rejected the 48k-49k resistance area. The two resistances in my analysis have held thus far. A daily close below 40k would in my eyes be a valid confirmation of the reversal.

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And note the wick to 49k. Exactly as predicted: retail buys the news, whales dump on retailers and push the price back down.

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Update

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BTC below 40k for the first time since December.