Bitcoin Slips to $42k as Selling Pressure Continues

TL;DR

• Bitcoin has been underperforming over the last few days, down by more than 2% over the weekend.

• BTC has been experiencing selling pressure since the spot Bitcoin ETFs were approved.

BTC Experiences Selling Pressure Post-Spot Bitcoin ETF Approval

Bitcoin, the world’s leading cryptocurrency by market cap, has been underperforming over the last few days. It is down by nearly 10% since surging past the $48k mark following the approval of spot Bitcoin ETFs.

At press time, the price of BTC stands at $42,754, down by more than 2% over the last two days. The poor performance comes as Bitcoin has experienced massive selling pressure in recent days.

The $42k level has proven to be a significant support where prices bounced from with buyers stepping in. BTC surged to a two-year high of $49,000 on Thursday when bitcoin ETFs began trading in the U.S. However, the heady prices didn't last long.

With Bitcoin currently underperforming, altcoins are also trading in the red zone. Ether is down by more than 1% over the last 24 hours and is trading at $2,517 per coin, down from the $2,600 high it achieved last week.

Internet Computer (ICP) is the worst performer amongst the top 20 cryptocurrencies by market cap, down by nearly 5% in the last 24 hours.

With the market still bearish, the total crypto market cap has dropped below $1.7 trillion and currently stands at $1.68 trillion.