Bitcoin on Tuesday fell below 40 thousand dollars specifically at the levels of 38500, which is the lowest price of the currency since the beginning of December.
The cryptocurrency fell by almost 20% from its highs before it was approved by the ETF, whose prices then approached the levels of 49,000 dollars.
Investors were waiting for this correction, which many expected, especially with its rise before the official approval according to the theory of buying the rumor and selling the news, and therefore most cryptocurrencies retreated after the apparent approval of bitcoin ETFs.
Currently, most analysts are talking that the price of bitcoin still has a long way to go down before it bounces back up again, and Bitcoin made some upward Corrections today to trade bitcoin today above the levels of 40 thousand dollars
Over the past period, crypto-related stocks have also been under pressure, losing 4% of their value.
JPMorgan's rating also indicated fears of the fading of the rise of cryptocurrencies.
We at Olxforex expect the cryptocurrency to decline over the coming period and the zones of 32/31 thousand dollars will be the characteristic levels for returning to buy bitcoin again.
