Convergence

Bitcoin

Grayscale Bitcoin Trust

You can also read this news on BH NEWS: <a href="https://en.bitcoinhaber.net/bitcoin-price-fluctuates-amid-high-trading-volumes-and-etf-activity" rel="noopener noreferrer nofollow">Bitcoin Price Fluctuates Amid High Trading Volumes and ETF Activity</a> 
<a href="https://en.bitcoinhaber.net/bitcoin-takes-a-dive-understanding-the-recent-price-drop" rel="noopener noreferrer nofollow">Bitcoin</a> (BTC) has been oscillating between $38,000 and $42,000, showing consistency within this range. The pattern emerged after a 20% price drop last week, with the largest cryptocurrency falling below the crucial $40,000 support level, indicating potential further decline. Despite the sharp price fall, Bitcoin’s trading volume significantly increased, surging over 65% in the last 24 hours, reaching an impressive $31 billion, signaling high and active investor interest in Bitcoin trading.
As Bitcoin’s price movements continue to attract investor attention, spot Bitcoin exchange-traded funds (ETFs) are generating notable trading volumes. Recent data shows that ETFs’ cumulative trading volume exceeds $2 billion daily, with Grayscale’s converted Grayscale Bitcoin Trust (GBTC) accounting for more than half of the daily volume.
The high investor interest in Bitcoin ETFs is evidenced by a cumulative trading volume of nearly $19 billion in the first seven sessions. Notably, BlackRock’s iShares Bitcoin Trust (IBIT) purchased an additional 4,808 BTC from Coinbase Prime about 12 hours ago, bringing the fund’s total Bitcoin assets to approximately $1.33 billion (33,431 BTC).
Despite the surge in ETF activity, Bitcoin’s price has not kept up with the enthusiasm, continuing to hover below the $40,000 level. The contrast between high ETF trading volumes and the drop in the largest cryptocurrency’s price presents a complex picture for market participants.
Bitcoin’s price, having risen significantly from $24,000 to $49,000 from the last quarter of 2023 to the beginning of this year, was largely driven by the SEC’s approval of multiple spot Bitcoin ETFs. However, Bitcoin’s price unexpectedly fell after the SEC’s approval. Currently, Bitcoin’s next major support level is around $38,000, with potential further declines to $35,000 or even a retest of the $30,000 level. Conversely, a recovery could propel Bitcoin to the $45,000 region or beyond $48,000. Technical indicators largely signal neutrality, but there is a noticeable increase in selling pressure, with the Relative Strength Index (RSI) at a neutral level of 34 and the Moving Average Convergence Divergence (MACD) indicating a bearish outlook below the zero line.
<h5>The post first appeared on BH NEWS: <a href="https://en.bitcoinhaber.net/bitcoin-price-fluctuates-amid-high-trading-volumes-and-etf-activity" rel="noopener noreferrer nofollow">Bitcoin Price Fluctuates Amid High Trading Volumes and ETF Activity</a></h5>

Bitcoin Price Fluctuates Amid High Trading Volumes and ETF Activity

BH NEWS

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