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Trader Warns of Bitcoin Weakness After BlackRock ETF News Reversal

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Having profited from the earlier crypto rally this year, a trader now opts to remain inactive as Bitcoin surrenders all its gains that were triggered by BlackRock’s pursuit of a spot-based BTC exchange-traded fund.

DonAlt’s Strategy Update: Bitcoin Correction Indicates Market Control Shift

During a recent strategy session, DonAlt informs his audience of 52,900 YouTube subscribers that the recent correction in Bitcoin, causing its value to dip below $26,000, signals a shift in market control towards the bears. Considering trading factors, observing this weekly candle reveals a complete retracement of the ETF BlackRock narrative. My bullish stance at $16,000 stemmed from FTX’s surge and subsequent price decline, followed by a barrage of negative news that failed to significantly impact the price. Instead, it steadily ascended.

DonAlt Observes Market Trends and Sets Conditions for Re-entry into Bitcoin Trading

Presently, the situation entails remarkably positive news having surfaced in recent weeks to months, propelling the price upwards only for it to regress entirely. Viewing this through a trading lens, this regression signals weakness in my assessment. Given the current trading position, adopting a bullish stance doesn’t seem logical. We find ourselves trading at levels that, in my view, should have been avoided.

According to DonAlt, his sidelines hiatus could be shortened either by Bitcoin’s successful reclaiming of the $30,000 mark or by a potential plummet down to the $18,950 level. This is the reason I hesitated to place blind bids on the support. The market’s fragility is too pronounced for such actions. With the complete retraction of the BlackRock ETF news impact, I’m inclined to be even more cautious. Positive developments, a surge past $30,000, or an extensive collapse are the sole scenarios that could prompt my reentry.

Crypto Analyst Evaluates Trader Sentiment Amidst Market Correction

The cryptocurrency strategist is also scrutinizing trader sentiment in the wake of the recent correction. He observes that traders seem to hold a positive outlook on altcoins. Indicating that the timing isn’t ripe for reengaging in the crypto markets.

The immediate reaction after a two-month consolidation breaks downward seems to be focused on purchasing altcoins. Personally, I lean towards buying during times of significant unease when investors are thoroughly concerned. And they divest their altcoins following major downturns, not when they’re buying.

As of the time of writing, Bitcoin is exchanging hands at a value of $25,945.

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