From Investing.com:

Bitcoin is facing a challenge as it struggles to stay above the $40,000 support level. Its price currently sits at $41,743, a slight decrease on the day and a significant drop over the past week. The initial excitement over the Bitcoin ETF launch has not had a lasting effect on its valuation.

With Bitcoin hovering near the pivotal $40,000 mark, investors and market spectators are closely monitoring its performance. The upcoming halving event in April is generating anticipation, as historical trends suggest a bullish market sentiment following such events.

The market’s attention has shifted from the short-lived ETF excitement to the potential impact of the upcoming halving. This event, which occurs every four years, halves the reward for mining new blocks of Bitcoin, potentially increasing the price if demand remains constant.

Analysts are divided on Bitcoin’s long-term growth prospects. While some are optimistic, others remain cautious due to the volatile nature of the cryptocurrency market. With its current position at the $40,000 support level, Bitcoin’s near-term trajectory is uncertain.



Read more: Bitcoin struggles to hold $40k support level after ETF-induced rally fades By Investing.com