What is the cause of the sudden drop down of btc within 24hrs

[SmartGold01]

After bitcoin reaches the amount of $45,600 between 1 January 2024 to 2nd January mind night I started witnessing a strong rejection in the market causing bitcoin to pull back from $45k plus to $42,700 gave me the impression that this could be a bull trap and those who entered the market within $45k thinking the market would break out $50k may feel so disappointed.
Technically we call this a market correction and who knows what would the be next market action toward this coming week..

[Sim_card]

After bitcoin reaches the amount of $45,600 between 1 January 2024 to 2nd January mind night I started witnessing a strong rejection in the market causing bitcoin to pull back from $45k plus to $42,700 gave me the impression that this could be a bull trap and those who entered the market within $45k thinking the market would break out $50k may feel so disappointed.
Technically we call this a market correction and who knows what would the be next market action toward this coming week..

This is a norm in bitcoin price movement due to its volatile nature and am not surprises at this because after a good pump, there will be a correction in the price. From the little information that I read was because SEC is refusing the approval of bitcoin ETF which has made weak hands to panic and sell, but it is nothing to worry about because it is a little correction in price. This is another opportunity for people to buy more bitcoin to their stash. I was expecting 45k price since last year December.

* SEC will REJECT Bitcoin Spot ETFs Again Says Matrixport Report

[LUCKMCFLY]

After bitcoin reaches the amount of $45,600 between 1 January 2024 to 2nd January mind night I started witnessing a strong rejection in the market causing bitcoin to pull back from $45k plus to $42,700 gave me the impression that this could be a bull trap and those who entered the market within $45k thinking the market would break out $50k may feel so disappointed.
Technically we call this a market correction and who knows what would the be next market action toward this coming week..

This is a norm in bitcoin price movement due to its volatile nature and am not surprises at this because after a good pump, there will be a correction in the price. From the little information that I read was because SEC is refusing the approval of bitcoin ETF which has made weak hands to panic and sell, but it is nothing to worry about because it is a little correction in price. This is another opportunity for people to buy more bitcoin to their stash. I was expecting 45k price since last year December.

* SEC will REJECT Bitcoin Spot ETFs Again Says Matrixport Report

Everything is possible, it could be a bullish trap, which is very normal in the market, they tried to see how the mood was, as they saw that what they wanted did not rise so they simply started selling massively, all this is a trial and error. Sometimes the supply is put into those prices to see what the demand is, in fact in Wyckoff's theory they explain it very well, this can be taken as an effort and all effort needs to be rewarded to have the option of earning money.

Some say that it is because the ETFs are supposedly not going to be approved, which I don't know yet, I was reading some articles here that already on January 10th this may give an answer, but sooner or later things with the price of Bitcoin must be going up, the Halving is coming and that is reason enough for the price to rise, the drop could also be a bearish trap to see if the weak hands sell, everything is in the possibilities of doing the best one can , what I can recommend is Hodl.

[Dr.Bitcoin_Strange]

* SEC will REJECT Bitcoin Spot ETFs Again Says Matrixport Report
* Miners Unload BTC to Exchanges
* Matrixport Predicts Bitcoin Price Dip To $36k Amid SEC’s Potential Rejection Of BTC Spot ETF

Well, the above quote was actually the suggestion of a member who thinks that might be the reason why the price of Bitcoin dumped. Although nothing has been confirmed as to why the price dipped just within two hours, it's actually a good thing that the price dipped; at least it gave you the opportunity to buy at $40k before going back to $42k.

Bitcoin is a volatile asset; even if it were actually meant that it would get to $50k tonight, nothing would have stopped it. If it had also wanted to get to $38k today, nothing would still stop it; that's how volatile Bitcoin's price can be. If you remember accurately what happened last year during the month of August, Bitcoin went from $30k to $26k just in a matter of hours too. People said that the reason for the price dump was because Elon Musk sold a whole lot of bitcoin, but that was not actually the case.

Despite the fact that the price dipped, it will still recover in a matter of time; perhaps we are heading into the bull season of Bitcoin. Just buy more and hold.

[pawel7777]

Here's the link to the Matrixport's Executive Summary:
https://www.matrixport.com/institutions/research/matrix-on-target/813?utm_source=BenchmarkEmail&utm_campaign=MoT_General&utm_medium=email

Essentially all they're saying is that the reasons for ETFs not getting the approval is Gensler still not liking crypto too much and that The current five-person voting Commissioners leadership is dominated by Democrats, who, generally speaking, are more critical of crypto.
This is absolutely nothing new and hardly any breaking news. If this is what caused a drop to $41k, it only shows how fragile the market is right now.

[bounceback]

Here's the link to the Matrixport's Executive Summary:
https://www.matrixport.com/institutions/research/matrix-on-target/813?utm_source=BenchmarkEmail&utm_campaign=MoT_General&utm_medium=email

Essentially all they're saying is that the reasons for ETFs not getting the approval is Gensler still not liking crypto too much and that The current five-person voting Commissioners leadership is dominated by Democrats, who, generally speaking, are more critical of crypto.
This is absolutely nothing new and hardly any breaking news. If this is what caused a drop to $41k, it only shows how fragile the market is right now.

I don't sure with this news accurate or not because many source on social media twitter talked it as fake news and rumor only, its bad side with bitcoin price suddenly crash from $45 drop until $41k although get well recovery right now raise almost $43k. Still have negative impact with bitcoin suddenly get crashing price because altcoin drop more than 20% and right now get difficult recovery to the higher price.
I don't know why many people faced panic when getting update about ETF rejected without check it true or fake news, I doubt have essential with sharing fake news and give opportunity for them to buy back on lower price.

[Gladitorcomeback]

Here's the link to the Matrixport's Executive Summary:
https://www.matrixport.com/institutions/research/matrix-on-target/813?utm_source=BenchmarkEmail&utm_campaign=MoT_General&utm_medium=email

Essentially all they're saying is that the reasons for ETFs not getting the approval is Gensler still not liking crypto too much and that The current five-person voting Commissioners leadership is dominated by Democrats, who, generally speaking, are more critical of crypto.
This is absolutely nothing new and hardly any breaking news. If this is what caused a drop to $41k, it only shows how fragile the market is right now.

I also think this is most likely reason due to which btc slumps down a little, Although we cannot say that it could be only reason as this kind of pump and dump is often in btc. So far BTC is above 40k then market will remain bullish. There is big support around 40k which should not be broken.

 Everyone was blindly investing in crypto with the view of approving ETF this month. Many big news Agencies including Bloomberg also told that very high chances of accept this month and then suddenly news comes out that all ETF application will be rejected which liquidated more than 500 million long position holder. This could be a whale and exchanges ganes also to liquidate over smart investors but hope price will recover in some days

[Fenix]

The news says that recently Bitcoin (BTC) miners have begun to massively transfer significant amounts of their BTC to crypto exchanges. This caused the price of Bitcoin to plummet from $45,000 to $41,000. In addition, information has emerged that the SEC will not approve spot Bitcoin ETFs this month and one can only hope that this will not happen until the second quarter.
In general, this was to be expected. Periodic correction in the cryptocurrency market is necessary.

[Fivestar4everMVP]

After bitcoin reaches the amount of $45,600 between 1 January 2024 to 2nd January mind night I started witnessing a strong rejection in the market causing bitcoin to pull back from $45k plus to $42,700 gave me the impression that this could be a bull trap and those who entered the market within $45k thinking the market would break out $50k may feel so disappointed.
Technically we call this a market correction and who knows what would the be next market action toward this coming week..

Actually, there were or is a news circulating the internet that SEC was going to reject Bitcoin spot ETF applications on the 10th of January, which happens to the contrary from the earlier speculations that they were going to approve the ETF on that same date.

I believe you already have a link to the above information through other users who posted or commented here before me, so, no need sharing the link again.
That is majorly the reason why we experienced or saw the sharp decline in the price of bitcoin yesterday, and what I do have to let us all know is that, if indeed the bitcoin spot ETF application is rejected again on January 10th, then we all will have opportunity to buy more bitcoin and altcoins at cheaper prices, but if on the other hand, it gets approval, then we all should brace ourselves, hold on tight for we may see bitcoin at a new all time high even before halving comes.

[pawel7777]

I don't sure with this news accurate or not because many source on social media twitter talked it as fake news and rumor only, its bad side with bitcoin price suddenly crash from $45 drop until $41k although get well recovery right now raise almost $43k. Still have negative impact with bitcoin suddenly get crashing price because altcoin drop more than 20% and right now get difficult recovery to the higher price.

Well, we can't call that fake news because it wasn't even news, just speculation of one guy from a hardly known company. He didn't really write anything new. Some say it was intentionally written and promoted over multiple news outlets just to manipulate the price.
But it kind of shows how tense the market is and how many traders are sitting there with their "finger on the trigger". We may see some some crazy actions over the next few days.

[Faisal2202]

It was a market correction but many say it is due to the fud created by the news of ETFs being rejected, as some platforms published some news about why they think ETFs will be rejected, so many said it's the main reason that created a negative vibe in the market and it dumped.

But in my opinion, it was just a correction because the market moved very fast at that time, and everything was so quick that even the orders were not hitting, The market dumped in a matter of time and then also recovered back in a few hours, but I must say million of assets got liquidated.

And talking about your theory that it would be a trap then it is 100% true but for only spot traders or isn't as they are the ones who have got a chance to escape the market while future traders don't have to get the chance even.

[bounceback]

Regarding some source information I heard, cause of the sudden bitcoin drop down within 24 hours have bad news with ETF rejected bitcoin approval, indeed its fake news or not success made bitcoin drop drastically one close forward almost success raise up to $46k. Today Bitcoin almost raise to $44k and looks good progress for bitcoin return to higher price again and not get problem with bad or fake news about ETF not approval yet.
I don't know why many people or bitcoin holder very easily influenced by fake news or FUD about bitcoin, have to be confidence as holders not panic when many bad news sharing exactly about ETF approval or not because its way for whales make us panic an d they got chance to buy with lower price.

[EluguHcman]

I don't really find this questionable because Bitcoin remains a volatile coin that has the potential of fluctuating UPs and DOWNs.
I am personally not worried about the rejection as OP may say because I am targeting a minimum amount of coins before the bull-runs approaches because I mean to make a proefficient profit during the bull run.
I can only say that the cause of the depreciation was either to enhance privilege to the pre-investors and for the investors like me who is yet to accumulate a content able amount of coins before the bull run comes. Lol

[kulkhan]

Bitcoin Price increasing gradually. Now Bitcoins price above $45k and still increasing. I think your news is not appropriate. We aspect Bitcoin spot ETF coming this. If really it happen then Bitcoin Price will increase and we will saw real bull session. I strongly believe it. Moreover Bitcoin Halving left near about 106 days. So i think in near future Bitcoin price will increase. Possibility to down Bitcoin price is very poor. I Believe everything is possible in cryptocurrency market. But it also true when positive new come then Bitcoin price increase. And near future we will saw some good news about Bitcoin and cryptocurrency market. I think in this week if Bitcoin spot ETF approve then Bitcoin Price will go new ATH, and my prediction Bitcoin price will go near about $80k. And time of Bitcoin Halving it's price will touch $100k. Overall thinking i tell bitcoin price will increase and we are entering real bull session.