Last week, Bitcoin (BTC) Bitcoin (BTC) (ETF) fund prices decreased more than 11%, and volumes reached the highest since mid -November, according to Data Fouuring TradingView.
More than 331 million shares of the ETF, which is quoted under the Ibit ticket in Nasdaq, changed hands as the price of the fund fell below the January support of $ 50.69, finally slid to $ 46.07, the lowest since the beginning of November.
That could be a disappointment development for bulls. For decades, one of the cardinal rules in the market has been that price movements must be validated by negotiation volume. It means that it is considered that an bearish price action has legs when accompanied by a notable increase in the number of actions or contracts negotiated in the exchange.
In addition, Farside investors data show that investors withdrew more than $ 1 billion from ETF, since the price drop and the reduction of future CMEs, which represent the performance of transport operations, led to the sale of panic. Ten ETF that quote in the United States also bleed money.
Even so, Ibit remains the largest ETF in the world, with $ 39.6 billion in assets under administration.
The negotiation volume was recovered last Tuesday when Ibit broke under horizontal support at $ 50.69 to indicate more losses ahead.
The technical perspective remains bassist, while prices are maintained under the previous support converted into resistance.
