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Bitcoin (BTC) Price Analysis Eyes BTC Dropping Below $38K if it Fails to Rally Bulls

BTC price drops to $39,440 with a modest recovery. Grayscale Bitcoin Trust and ETF rotation contribute to the sell-off. Traders brace for potential further losses.

ShahZaib Ahmed

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Bitcoin (BTC) has been low for the last few days and more dip is expected based on the weekly performance. Although BTC pumped in the last quarter of 2023 and is eyed to achieve new ATH in 2024, Bitcoin has dropped below $40k and more dip is expected if it fails to rally bulls.

Price Value

Currently, Bitcoin (BTC) is trading at $39,071.34 which has dropped to this value in the last seven days from $43,470.83 on 17th January 2024.  A significant drop has been seen in BTC’s price value during the last week and it is more likely that Bitcoin may drop below $38K in a couple of days based on its dip ratio.

Statistical Data

Bitcoin is now trading at $39,071.34 with the 24-hour trading volume of $32,072,572,132. The current circulating supply of Bitcoin is 19,606,268 BTC. Based on stats, Bitcoin’s price seems to be dropping continuously and is about to dip below $38k.

Price Analysis

During the last quarter of 2023, Bitcoin pumped and crossed $45 after stumbling below $3o for a long time. During the last week, BTC has significantly dropped and the last 24 hours have been crucial for Bitcoin’s price value.

BTC Price Analysis

Trading resource co-founder Keith Alan shared a warning. He uploaded a chart showing long and short signals, urging bulls to gain momentum near $40,000. If not, a drop to $38,000 might happen.

Price Prediction

The next couple of days can be a red zone for Bitcoin and on the other hand a right time in the form of opportunities for the crypto investors. Based on the current scenario, BTC is expected to fall below $38k if not following the bulls’ rally and can touch the resistance level.

Conclusion

The given analysis is based on the various factors influencing the BTC’s price value and associated events. Bitcoin has been dropping continuously but on the same time expected to pump up any time. Do your complete research before investing and trading.

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