Bitcoin is at a crucial point as numerous factors align for a big potential move. However, it remains to be seen which direction the move will swing. Let’s take a look at how the Bitcoin price could swing this week.

Bitcoin price at mid-term tipping point 

Investors are closely watching Bitcoin this week to gauge the impact of the recent approval of Bitcoin ETFs.

BlackRock’s ETF has seen significant trading volume and is approaching $4 billion in assets under management (AUM), highlighting the growing interest in Bitcoin among institutional investors.

However, Bitcoin is down 12% since the ETFs got approved, currently trading at $40,965. This suggests that the near-term impact of the ETFs on Bitcoin’s price remains uncertain.

Investors are also monitoring Bitcoin’s price as it is currently trading near a crucial support level. A break below this level could lead to a more significant retracement.

If Bitcoin falls below $40K, there are no prominent structural levels until $35K.

This is also a perspective held by analyst Ali Martinez, who believes Bitcoin recently rejected a parallel channel resistance and is now poised for $34K. 

Investors are also keeping an eye on the upcoming Bitcoin halving, which is scheduled to occur in approximately 99 days.

Historically, Bitcoin halvings have been followed by significant price increases and the start of new bull markets.

Analyst Rekt Capital recently suggested that the period leading up to a halving can be an opportune time to purchase Bitcoin.