Solana, Ripple Near Buy Zone as Traders Seek Alternatives for Bitcoin Post-ETF Dip

investing.com:

Cryptocurrency markets have rallied while awaiting the approval of a Bitcoin ETF for months.

However, tables have turned after the recent sell-off, often attributed to the 'sell the news' narrative, is influenced by developments affecting the overall crypto market and Bitcoin.

Despite net fund inflows into spot Bitcoin ETFs, outflows from Grayscale's Bitcoin fund, now converted into an ETF, continue to exert selling pressure on the market.

Grayscale had to sell nearly half a billion dollars worth of BTC due to redemptions in the GBTC fund, prompting investors to exit in favor of other ETF products with lower annual commission fees.

This ongoing process adds to market anxiety, prolonging the negative outlook. Bitcoin miners, major investors in the market, have also contributed to the decline by selling a significant amount to secure profits.

Although GBTC outflows impact the market, continued interest in the Bitcoin ETF could become a trigger for the crypto market once this selling pressure diminishes.

Looking at the latest situation of Bitcoin technically, it can be seen that despite the selling pressure in the short term, the cryptocurrency maintained its critical support towards the end of the week.

While $ 40,000 attempts are likely to be seen in the next 48 hours, Bitcoin's closing the week above $ 41,700 will be an important confirmation that the recent sales have been met.

If this move is supported by a decrease in GBTC redemptions, we may see a reversal of the short-term retracement. This is because the medium and long-term bullish expectations for Bitcoin and cryptocurrency markets remain valid.

To summarize; I continue to follow Bitcoin according to the horizontal band limits that have continued since December,