Bitcoin

Grayscale Bitcoin Trust

Rise

<ul> 
 <li>Selling pressure drives BTC down by 10% in the past week, sliding from $42,864 to $38,550.</li> 
 <li>Concerns rise as $640 million exits GBTC, putting pressure on BTC prices.</li> 
</ul> 
The Bitcoin market is grappling with a significant shift in momentum as selling pressure intensifies, giving bears the upper hand. The prominent asset manager, Grayscale, known for overseeing the Grayscale Bitcoin Trust (GBTC), is playing a pivotal role in driving this trend. 
While initial excitement over spot Bitcoin ETFs led to a brief uptick in Bitcoin prices, the subsequent days saw a dip below $40.000. Also, amidst the <a href="https://thenewscrypto.com/jpmorgan-downgrades-coinbase-amid-bitcoins-lackluster-performance/" target="_blank" rel="noreferrer noopener">huge competition</a> among ETF issuers to attract investors through lower fees and promotional offers, the broader crypto market saw a 2.3% decline in its overall market cap.&nbsp; 
<h3 class="wp-block-heading" id="h-bear-dominance-on-the-rise">Bear Dominance on the Rise</h3> 
Despite the launch of Bitcoin exchange-traded funds on January 11, it has displayed a flurry of activity. The crypto community is surrounded by concerns about Grayscale dominance, marked by a $640 million <a href="https://thenewscrypto.com/why-is-bitcoin-dropping-unraveling-grayscales-btc-selling-spree/" target="_blank" rel="noreferrer noopener">outflow</a> from its GBTC on Monday and a total net outflow of $3.4 billion. 
This selling pressure has taken a toll on BTC’s price, witnessing a significant <a href="https://thenewscrypto.com/bitcoin-plunges-below-39k-as-selling-pressure-intensifies/" target="_blank" rel="noreferrer noopener">downtrend</a> of 10% over the past week. On Tuesday, the leading cryptocurrency experienced a dip to $38,500, testing a critical support level. Despite the bearish pressure, the $38,500 support has displayed a slight upward rebound to $39,647 at the time of writing. 
If negative market sentiment persists, there’s a chance for Bitcoin to revisit the $30,000 mark, just above the key $29,000 level that marked the onset of the bull run, leading Bitcoin to its 22-month high of $49,000 on January 11th. 
If BTC fails to maintain above the $38,800 level, it could open the door to a new decline toward the key support at $36,200. Further downward could signal a shift in momentum, with key levels at $30,000 to $32,000. A breakdown below these levels might grant bears the upper hand in the mid-term, at least until the anticipated halving event in April. 
However, analysts remain optimistic about Bitcoin’s trajectory, as the total trading volume of Bitcoin ETFs nearly reached $12 billion in weekly flow. Also, Bitcoin spot ETFs have surpassed silver ETFs, positioning BTC as the second-largest commodity ETF player.

Bitcoin Spot ETF Volume Rises to $12B, Yet BTC Price Falls

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TheNewsCrypto

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