The price of Bitcoin (BTC) fell by 2.12% following the approval of the spot Ethereum ETF, catching traders by surprise. Earlier in the week, the cryptocurrency had increased by 9%, reaching $72,000, before falling to a low of $66,606.

Trader and analyst Mags considers the current correction a “fake out,” a pattern typical for Bitcoin. He explained that this pattern often involves consolidation for several weeks, followed by a sharp decline and rapid recovery.

Matthew Hyland highlighted that BTC’s price is nearing the demand zone between $64,000 and $67,000, representing the neckline of an inverse head-and-shoulders pattern. According to him, successfully overcoming this pattern and closing a daily candle above it indicates a potential resistance test before reaching new highs.