Bitcoin allegedly "still has more to go" when it comes to BTC price dips, but some are already eyeing the potential for the mother of short squeezes to come.
Bitcoin (BTC) saw new seven-week lows into the Jan. 22 daily close as traders warned that worse was to come.
Data from Cointelegraph Markets Pro and TradingView showed a BTC price drop to $39,440 sparking only a modest recovery.
The largest cryptocurrency faced consistent sell-side pressure from sources including the Grayscale Bitcoin Trust (GBTC), the largest Bitcoin institutional investment vehicle, as part of consumer rotation among new spot Bitcoin exchange-traded funds (ETFs).
