Bitcoin’s (BTC) price has slid 4% in the past two days as selling pressure begins to ramp up.
Major cryptocurrencies like Ethereum (ETH) also saw a slight pullback as traders took profits from the previous week’s run-up.
However, not all coins are experiencing bearish momentum – the new Bitcoin ETF Token (BTCETF) is continuing to make progress in its presale and is inching closer to the $1 million funding milestone.
Bitcoin Price Stalls After Recent Rally & Slides Below $37,000
BTC has been under pressure recently, sliding back below the $37,000 level yesterday.
The world’s largest cryptocurrency currently trades at $36,400, giving up most of the gains made during Wednesday’s push.
Trading volumes have dropped by more than 8% amidst the price volatility, with $26.1 billion BTC changing hands in the past 24 hours.
This suggests that investor activity may be cooling off, possibly changing to a wait-and-see approach in the market.
On the technical front, Bitcoin is now trapped in a clear trading range between $35,000 and $38,000 on the 4-hour chart.
The coin’s price now looks like it’s heading to test the bottom of this range once more – with investors hopeful that a bullish bounce will occur.
However, if the downward momentum continues, BTC could break this range to the downside, which may precipitate a steeper drop.
Regardless, the next few days will be pivotal for determining Bitcoin’s short-term market direction.
Fake ETF Filings & Futures Liquidations Hurt Bitcoin Price
Bitcoin’s recent slide could be attributed to several factors.
For one, the initial buzz around the prospects of an imminent spot Bitcoin ETF approval in the US is fading slightly.
The SEC has already delayed its decision on some ETF filings, hinting that the long wait may continue despite hopes of a breakthrough this month.
In addition, this week’s fake regulatory filing related to an XRP trust caused extreme volatility in the market, prompting speculation about potential price manipulation.
This event has spooked investors, contributing to a more cautious approach.
Finally, large liquidations of leveraged futures positions have likely heightened the sell-off.
Over $205 million in long positions were wiped out across exchanges in the past day – which could have had a knock-on effect on the Bitcoin price.
These three factors combined have created a challenging environment for Bitcoin, leading to increased volatility in recent days.
Trending New Bitcoin ETF Token Defies Market Uncertainty & Approaches $1m Milestone
While Bitcoin’s price has stumbled recently, one crypto asset built around the long-awaited spot BTC ETF approval continues to gain traction.
The Bitcoin ETF Token (BTCETF) is making solid progress through its ongoing presale event, having raised over $910,000 in under two weeks.
With an average of $75,000 in investment rolling in each day, the presale is trending to hit the $1 million milestone as early as tomorrow.
The main reason for this impressive performance is Bitcoin ETF Token’s deflationary tokenomics, which will see 5% of the total BTCETF supply burned whenever a real-world milestone is hit in the ETF approval process.
Per the project’s whitepaper, BTCETF will also incorporate a selling tax, where 5% of each transaction is burned.
The combination of these two mechanisms is designed to reduce the total supply of BTCETF over time, potentially increasing its scarcity and value.
Furthermore, the token’s design makes it an appealing option for investors seeking speculative exposure to the hype surrounding a potential spot BTC ETF being launched in the US.
Austin Hilton, a prominent crypto YouTuber with over 236,000 followers, has even stated that BTCETF is “like nothing you have ever seen.”
Investors can buy BTCETF tokens for $0.0054 during the current stage of the presale – although this price is set to rise every few days until the presale allocation is sold out.
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