Countdown to Grayscale's big BTC unlock: 5 things to watch in Bitcoin this week
A decisive month for GBTC market impact is set to begin, with BTC price action still "doing everything right" to preserve support. Bitcoin (BTC) starts a new week in familiar territory — crucial support is back, but bulls have not yet got their breakout. Could that soon change?After reclaiming $33,000 on Friday, BTC/USD has held on to the trading corridor it had been in before last week’s brief volatility. That involved a dip to $32,000 on the back of sudden short positions accumulating on exchange Bitfinex.The impact was only temporary, however, and the weekend has seen highs of $34,600....
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Will GBTC get to become the first US-based spot bitcoin ETF? The euphoria from six months ago turned into Grayscale hinting that it might sue the SEC if its request is denied. Currently, the climate dictates that the answer will probably be negative, but the company is not giving up. According to CNBC, Grayscale “met privately with the Securities and Exchange Commission last week in an effort to persuade the regulator to approve the conversion of its flagship fund into an ETF.” Related Reading | Grayscale Removes Bancor (BNT) And Universal Market Access (UMA) From Its DeFi Fund The....
What was once a major bearish narrative exits via the tradesman’s entrance after failing to have any impact on Bitcoin markets. Bitcoin (BTC) investment vehicle the Grayscale Bitcoin Trust (GBTC) completed its share unlockings this week, ending a major talking point both inside and outside crypto.Data from monitoring resource Bybt confirms that as of Thursday, no more unlockings are scheduled.Bitcoin shrugs off another FUD narrativeUnlocking events at GBTC have continued throughout 2021 and, at one point, formed the focal point for bearish BTC price predictions.With the equivalent of tens....
Here's a look at what we are focusing on in the bitcoin price this morning. So that’s another weekend out of the way, and considering what we saw in the bitcoin price heading into the close of the week last week, things we’re relatively flat. In the second of our twice daily bitcoin price watch pieces on Friday, we noted that there looked to be plenty of volume pushing the markets throughout the day, and that this might be indicative of some weekend long volatility. As it turned out, this wasn’t the case. Things remained pretty inactive (at least, that is, from a price perspective) and we....
Investing in crypto can be rewarding but also incredibly stressful — especially when things aren’t going too well. At the time of writing, Bitcoin is down over 20% in the past week after an incredible run. It’s fair to say that things can be… up and down. So it’s a good idea to take the stress off one’s shoulders. Let’s call it ‘investor delegation.’ Some are investing in things like Grayscale, and letting institutions do […]
It may even be boring for traders right now, but Bitcoin is preparing a rare event which will shake up price action definitively, argues trader John Wick. Bitcoin (BTC) fell back below $33,000 support on July 12 as a familiar cocktail of low volumes and mounting shorts pressured price action. BTC/USD 1-hour candle chart (Bitstamp). Source: TradingViewShorters fail to spark a Bitcoin routData from Cointelegraph Markets Pro and TradingView tracked BTC/USD as it hit local lows of $32,880 on Bitstamp. Just like last week, a build-up of short positions on major exchange Bitfinex cost Bitcoin....