Plunge

United

Bitcoin

Grayscale Bitcoin Trust

Rise

The Bitcoin price has experienced a notable shift as selling pressure mounts, with BTC bears gaining the upper hand. Asset manager Grayscale, the owner and manager of the <a href="https://www.newsbtc.com/bitcoin-news/bloodbath-for-bitcoin-grayscales-529-million-btc-move-to-coinbase-pushes-price-below-41000/" target="_blank" rel="noopener ">Grayscale Bitcoin Trust (GBTC)</a>, is a significant contributor to this trend.&nbsp; 
Since the trading of spot Bitcoin <a href="https://www.newsbtc.com/breaking-news-ticker/breaking-sec-approves-all-11-spot-bitcoin-etfs-btc-price-holds-steady-at-46000/" target="_blank" rel="noopener ">exchange-traded funds</a> (ETFs) began on January 12, Grayscale has been on a selling spree, as evidenced by substantial transfers of BTC to the United States-based crypto exchange Coinbase. 
<h2 id="bitcoin-price-under-pressure-as-grayscale-selling-spree-continues">Bitcoin Price Under Pressure As Grayscale Selling Spree Continues</h2> 
According to Akrham Intelligence <a href="https://platform.arkhamintelligence.com/explorer/entity/grayscale" target="_blank" rel="noopener nofollow">data</a>, in addition to the previously <a href="https://bitcoinist.com/crypto-fund-exodus-bitcoin-etfs-attract-inflows/" target="_blank" rel="noopener nofollow">reported </a>69,994 BTC ($2.9 billion) transfers, Grayscale sent an additional 8,593 BTC (approximately $335.19 million) to the exchange on Tuesday, suggesting the possibility of further selling activities. 
<img loading="lazy" decoding="async" class="size-large wp-image-571073" src="https://www.newsbtc.com/wp-content/uploads/2024/01/Screenshot_30.jpg?w=511&amp;resize=511%2C347" alt="Bitcoin price" width="511" height="347" srcset="https://www.newsbtc.com/wp-content/uploads/2024/01/Screenshot_30.jpg?w=511&amp;resize=511%2C347 511w, https://www.newsbtc.com/wp-content/uploads/2024/01/Screenshot_30.jpg?w=460 460w" sizes="(max-width: 511px) 100vw, 511px" data-recalc-dims="1"> 
These developments have affected the Bitcoin price, which has experienced a significant downtrend, declining by 20% over the past week and a half.&nbsp; 
On Tuesday, the largest cryptocurrency dropped as low as $38,500, placing considerable pressure on a crucial support level. Despite the bearish pressure, the $38,500 support level has demonstrated resilience so far, with the cryptocurrency rebounding to $39,300 at the time of writing.&nbsp; 
Nevertheless, the duration of Grayscale’s selling spree remains uncertain, and if market sentiment continues to turn negative, Bitcoin could potentially revisit the $30,000 mark. This figure is just above the key $29,000 level that marked the beginning of the bull run that took Bitcoin to its 22-month high of $49,000 on January 11th. 
<h2 id="bears-on-the-rise">Bears On The Rise</h2> 
If the $38,500 threshold succumbs to Grayscale’s selling pressure and profit-taking, market observers should closely monitor the $37,750 level as the next resistance.&nbsp; 
Failure to hold above this level would open the door to a potential decline toward the major resistance at $35,600, which could further prevent a dip to the next <a href="https://www.newsbtc.com/ethereum-news/qcp-capital-forecasts-eths-dominance-over-bitcoin-to-persist-ethereum-etfs-in-focus/" target="_blank" rel="noopener ">support </a>level at $33,000. 
However, if these support levels are breached and the Bitcoin price continues its downtrend, the next significant key levels to watch for bullish momentum would be $29,000 to $30,000. A breakdown below these levels could signal an end to the current<a href="https://www.newsbtc.com/bitcoin-news/grayscale-transfers-almost-12000-btc-to-coinbase-bitcoin-price-reacts/" target="_blank" rel="noopener "> bull market structure</a> and grant the bears the upper hand in the mid-term, at least until the anticipated halving event in April.&nbsp; 
Historically, halving events have acted as major catalysts for the Bitcoin price, and their influence has been<a href="https://www.newsbtc.com/bitcoin-news/bitcoin-expected-to-mirror-historical-trends-glassnode-sets-120k-price-prediction-for-2024/" target="_blank" rel="noopener "> demonstrated</a>. 
As the Bitcoin market faces intensified selling pressure and Grayscale’s ongoing selling spree, market participants remain cautious about the potential for a significant price plunge.&nbsp;The coming days and weeks will be critical in determining whether Bitcoin can regain its bullish momentum or if it will succumb to further downward pressure. 
<img loading="lazy" decoding="async" class="size-large" src="https://www.tradingview.com/x/DJoO3z9Q/" alt="Bitcoin price" width="1814" height="858"> 
Featured image from Shutterstock, chart from TradingView.com

Bitcoin Price At Risk? Grayscale’s $335M Coinbase Transfer Stirs $30,000 Plunge Potential

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