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.