Bitcoin ETFs, like GBTC and IBIT, are currently in a corrective phase, following a decline in Bitcoin itself. The technical structure on both ETFs suggests a larger correction is underway, with wave A of a higher degree A-B-C correction unfolding. Support is expected near the April 2025 lows. Counter trend rallies are likely within the correction, but should be viewed as temporary. Key support to watch is the April 2025 low region. A rebound is expected after wave A completes, potentially unfolding as a wave B rally. Any bounce should be seen as part of a larger correction, not a new uptrend.

Read more at Barchart: Bitcoin ETFs Enter Correction as Downside Risks Build