Bitcoin Flash Crash After Failing to Break Feb 2022 Resistance at $44,000, But $BTCETF Continues Rising.
Bitcoin witnessed a precipitous flash crash today as it fell from $44,000 to reach as low as $40,660 – representing a 7% flash crash.
The cryptocurrency rolled over in the early Asian trading hours after failing to break the February 2022 resistance at $44,750 over the weekend.
Meanwhile, the newly-emerging Bitcoin ETF Token ($BTCETF) continues to turn heads as traders look to gain direct exposure to the Bitcoin spot ETF approval event as Bitcoin drops.
What you'll learn 👉
Bitcoin Flash Crashes After Failing to Overcome Feb 2022 Resistance
Bitcoin finally saw a meaningful pullback in price action today after rolling over from $44,000 to reach as low as $40,660.
The cryptocurrency broke above a rising price channel at the start of December to set fresh 2023 highs at $44,750 on Friday. The February 2022 resistance provides the resistance here.
Bitcoin could not overcome this resistance over the weekend and rolled over this morning.
The number one ranked cryptocurrency dropped into the 20-day MA support level and has since rebounded above $42,175 at the time of writing.
Looking ahead, the first support now lies at $42,000, which is also the January 2021 high – an important level that preceded the previous bull run.
Beneath this, added support lies at $40,660 (20-day MA), $40,000, $39,500 (early-June highs), $38,000, and $37,190 (March 22′ lows & 50-day MA).
On the other side, resistance now lies at $44,000. This is followed by $45,750 (February 22′ resistance), $46,740 (1.618 Fib Extension), and $47,000.
What Tokens Are Rising During The Flash Crash?
While Bitcoin undergoes its first flash crash in months, traders are starting to turn their attention to newly emerging altcoins that can provide significant upside potential as the Bitcoin spot ETF continues to loom.
With the SEC expected to approve the Bitcoin spot ETF in the next thirty days, traders are looking to capitalize on the event through a vehicle other than Bitcoin.
As a result, Bitcoin ETF ($BTCETF) continues to gain momentum after raising $3.4 million, with investors believing it provides direct exposure to the Bitcoin spot ETF approval event.
Bitcoin ETF Token Surges Beyond $3.4 Million Milestone
Bitcoin ETF ($BTCETF) continues to turn heads after surging beyond the $3.4 million milestone this week, demonstrating the building momentum behind the token.
Bitcoin ETF is a project that lets you ready your wallet before the first Bitcoin ETF is approved by the SEC in US Markets, allowing you to capitalize on its arrival.
The Bitcoin spot ETF is expected to bring trillions of dollars of investment into the industry from institutional investors, and traders are looking for ways to capitalize on the vent.
Bitcoin ETF provides direct exposure to the approval event as its supply is linked to major real-world milestones related to the approval.
The project is a DeFi platform that incorporates a burning utility and staking mechanism that has investors believing it can produce 50x returns by the time the Bitcoin ETF is approved.
The Only Token Providing Direct Exposure to Bitcoin ETF Approval
The project’s growth is directly tied to the spot ETF approval, with its supply linked to predetermined milestones related to the event.
As a result, the supply of $BTCETF shrinks the closer the Bitcoin spot ETF is to being approved.
The predetermined milestones include the following;
As each milestone is achieved, the smart contract will burn 5% of the $BTCETF supply, totaling 25% deflation when all milestones are hit.
In addition, there’s a sales burning tax that encourages long-term holding in the project. The sales tax starts at 5% and is reduced by 1% every time a milestone is reached.
This burning mechanism, combined with the staking utility, has investors believing that 100x returns are possible for $BTCETF.
The reason is that newcomers might struggle to purchase $BTCETF on the open market after the presale and will be forced to pay higher prices as most tokens will be burnt or locked away in staking, creating a supply shortage.
The presale continues to grow in popularity after hitting the $3.4 million milestone. You can currently purchase $BTCETF for $0.0066.
However, it’s important to note that the price increases during subsequent presale stages, so those buying earlier benefit the most from the lower entry price.
The next price hike is expected in just two days.
Overall, Bitcoin ETF is one of the only projects that provides direct exposure to the Bitcoin spot ETF approval, and traders are rushing to get positioned to capitalize on the event.
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