Bitcoin “doing everything right” as Grayscale big BTC unlock comes closer

Bitcoin has jumped past nearly $6000, marking its first price rally since late spring, on the heels of the first major crypto ETF filing. While the surge is likely attributable to several factors, the news that the major financial giant Fidelity is creating a digital asset fund should be encouraging to investors. This is especially true for those who are new to the space and don’t understand that Bitcoin’s price performance will be difficult to sustain.

Register now on Binance, add 50$ and get 100$ bonus voucher!

While the above post was posted on bitquick.co, it has been split into two blog posts that can be found in the forum.

Bitcoin “doing everything right” as Graysvcale’s multiple GBTC unlocking event comes closer.

Price analysis:

After barely crossing $35,000 on July 6, the Bitcoin again dumped back below $33,000 on July 8. After a couple of days of correction Bitcoin for one more time crossed $34,000 on July 10. Since then, showing its classic volatile behavior, Bitcoin is continuously trading at a similar price level.

Though the Bitcoin bull breakout still looks a bit far, it does have gained critical support levels.

On Sunday crypto technical analyst Rekt Capital stated:

“$BTC is doing all the right things to reclaim this trendline as support. Reclaim the trend line as support and that’ll be great progress towards challenging for a breakout from this blue wedging structure.”

Analyst and trader Scott Melker asserted that Bitcoin still has a lot of demand as it, with a long wick down, continues to rally and close above the $34,000 during the last 8 weeks straight.

Moreover, as the hash rates and network difficulty are stabilizing the recent market turbulence could be over.

Klaus Lovgreen estimated the next difficulty adjustment at -7.5% as the blocks are emerging rapidly.

Register now on Binance, add 50$ and get 100$ bonus voucher!

Impact of Grayscale BTC unlocking:

Despite the strong interest of market participants and Bitcoin enthusiasts that the event is getting, analysts’ opinion on its potential impact on the market is divided.

As some are sighting an increase in selling pressure, which will eventually come down to none as the event gets over, others are arguing that the spot market would broadly remain unaffected.

Statistician Willy Woo stated:

“When GBTC shares unlock and get sold, the GBTC Premium drops (share price drops relative to the BTC in the trust),”

2) Spot markets

When GBTC shares unlock and get sold, the GBTC Premium drops (share price drops relative to the BTC in the trust)

Investors now have more incentive to by GBTC shares rather than BTC, it diverts some of the buying pressure on BTC spot markets. This is bearish.

— Willy Woo (@woonomic) July 6, 2021

Digital currency giant, Grayscale is unlocking GBTCs equals approximately 16,000 BTCs.

Related Tags:

grayscale unlock dates 2021grayscale bitcoin trust unlock chartgbtc unlock datesbitcoin priceethereum pricetsla,People also search for,Privacy settings,How Search works,grayscale unlock dates 2021,grayscale bitcoin trust unlock chart,gbtc unlock dates,bitcoin price,ethereum price,tsla,spce,when was bitcoin at its lowest

Register now on Binance, add 50$ and get 100$ bonus voucher!

Recent Articles

Here’s A List Of The Best Crypto Savings Options For 2022 |

The demand for cryptocurrency has skyrocketed. With the price of Bitcoin inching closer and closer to $10,000 a coin it can be hard to...

Here’s Why Housing Market Crash is Coming

With crypto adoption on the rise and a major crash in housing market, it is no surprise that your average person wants to invest. The...

How Government Sets Home Rental Price

A rent control is a government-established limit on the amount that can be charged for renting or leasing property to tenants. The “how much does...

KCAL Airdrop: Grab Free FAT Point To Earn Step.App KCAL Token

One of the first blockchain-powered games, KCAL Step.App is an engaging and competitive social media platform that rewards users with free KCAL Tokens for...

DeFi transforming lending routes on the blockchain

The growth of decentralized finance and FinTech has led to a number of innovations. One such innovation is the ability for borrowers to access...

Related Stories