• Selling pressure on Bitcoin was high as its price dropped by over 2%.
• Market indicators remained mostly bearish on the coin. 

The ETF approval turned out to be a bearish episode for Bitcoin [BTC], as it witnessed a price correction within days. However, there was good news for investors, as the latest data suggested that the ongoing trend might change soon.

So, AMBCrypto delved deeper into BTC’s state to see whether this was the right buying opportunity for investors.

How Bitcoin plummeted under $43,000

AMBCrypto had earlier reported how the price of the king coin had plummeted a few days after the ETF approval. To be precise, BTC went down by over 7% within a 24-hour timeframe.

However, the coin had somewhat recovered as of press time; its value was 2.4% less than what it was a week ago.

At the time of writing, BTC was trading at $42,989.21 with a market capitalization of over $842 billion. Apart from the ETF havoc, another possible reason behind the downtrend could be BTC’s price moving in a parallel channel.

Ali, a popular crypto analyst, recently posted a tweet highlighting that development. 

It appears this parallel channel is holding true! This suggests that #Bitcoin faced rejection from the channel’s upper boundary at $48,000, and now $BTC will retrace to the lower boundary at $34,000, and then rebound back to the upper boundary at $57,000.

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Author: Dipayan Mitra

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