According to Cointelegraph: Bitcoin (BTC) continues to experience selling pressure as the price hovers near $40,000, leaving investors on edge. As of January 20, BTC stayed relatively low, approaching monthly lows, while Ethereum (ETH) faced critical resistance.
Substantial sell-side pressure for Bitcoin is evident, as the cryptocurrency's price struggles to secure its position after dipping to $40,600 overnight. This marks its lowest levels since December 18, exacerbating investors' anxiety as attempts to reclaim lost ground remain unsuccessful.
Michaël van de Poppe, founder and CEO of Eight Global, suggests a likely scenario: a BTC price drop into the mid-$30,000 range before a potential rebound. "My personal interest is between $36-40K to be accumulating more into Bitcoin. The range remains defined,” he expressed on social media network, X.
Furthermore, intense selling activity proliferated during the latest price dip, with a significant amount of 59,000 BTC being moved on-chain for the first time within the last three to six months. These coins had an average acquisition cost of $26,000, yielding nearly $900 million in realized profit.
Turning to altcoins, ETH/BTC faces a potentially critical moment as the pair confronts a long-term descending trendline. Ether made rapid gains against Bitcoin since last week, surpassing 0.06 BTC before consolidating near that level. Caleb Franzen, senior analyst at Cubic Analytics, highlighted that "this consolidation is occurring at a resistance trendline, above the 200-day moving average cloud."
With various data points in mind, Franzen previously predicted an ongoing performance advantage for ETH/USD over BTC/USD in the future.
