Traders Get Bored, BTC Sinks Almost $41K!

<p>&nbsp;"Everyone is waiting for the approval of the spot BTC ETF, but the price does not go up and down anymore."</p><p><br /></p><p>After hovering below $43,000 for two days, the price of the cryptocurrency king Bitcoin (BTC) yesterday unfortunately made a quick dive to $41,561 as the spot approval of the BTC ETF produced no upside.</p><p><br /></p><p>As such, traders may decide to take profits and that action has caused the price of BTC to see a drastic pullback at the mentioned level.</p><p><br /></p><p>Some analysts expect the price of BTC to crash to $25,000 or even lower, but $38,000 may attract long-term investors who are watching the BTC halving event and institutional inflows into spot BTC ETFs.</p><p><br /></p><p><br /></p><p>According to Bloomberg ETF analyst Eric Balchunas, the newly launched ETF saw inflows of $1.4 billion while Grayscale Bitcoin Trust (GBTC) outflows were $579 million, but net inflows in two trading sessions across ETFs were $819 million.</p><p><br /></p><p>So here it can be seen that BTC's failure to sustain its price above $48,000 has prompted short-term traders to book profits after the digital asset's drastic fall on January 12, 2024.</p><p><br /></p><p>If BTC breaks below $42,000, selling could increase and this means the price could plunge to $41,500 then $40,000 but if not then the digital asset could rise again at $44,700.</p><p><br /></p><p>As of this writing, BTC price has plunged by 1.43% at $42,174 in the past 24 hours with a market cap of $826 billion and has recorded a 3.73% decline over the past week.</p>