After years of rejections, Bitcoin exchange-traded funds (ETFs) finally started trading last week. Speculators expected the event to boost Bitcoin’s price, but that did not happen. That led to total sales of about $4.7 billion, according to CryptoSlate research and data analyst James Van Straten The Crypto Fear & Greed Index that has been in “extreme greed” with a score of 76 recently has plunged to neutral at 52.

This is a positive sign as it shows that much of the froth may be out of the system. Dollar-pegged stablecoin TrueUSD fell from its $1 peg amid reports of whales dumping millions of the stablecoin on Binance, issues with real-time attestations and not being included in Binance's launchpool.

Bitcoin broke and closed below the support line on Jan. 14, signaling that the bears are trying to make a comeback. The 20-day EMA ($43,693) has started to turn down, and the RSI is near 46, suggesting that the bears hold a slight edge. Any recovery attempt is likely to face selling at the 20-day EMA.

If the price turns down from the overhead resistance, it will signal a shift in the sentiment from buying on dips to selling on rallies. The BTC/USDT pair may fall to $40,000 and later to $37,980. Contrary to this assumption, if buyers overcome the barrier at $44,700, it will suggest that the corrective phase may be over.

The pair will then try to reach the psychologically important level of $50,000.

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