GrayScale Bitcoin Trust (GBTC) Sharp, while Bitcoin persists at $ 30,000: What is to be expected next?
GrayScale Bitcoin Trust (GBTC) Sharp, while Bitcoin persists at $ 30,000: What is to be expected next?
share price of the Grayscale Bitcoin Trust (GBTC) sideways while Bitcoin remains $ 30,000
The share price of the Grayscale Bitcoin Trust (GBTC) has recorded a sideways-moving development in the past few days, while Bitcoin seems to stagnate at $ 30,000. GBTC was traded at $ 20, the highest level since June last year. This shows an increase of more than 168 % since the low in December.
The GrayScale Bitcoin Trust manages a fortune of over $ 18.9 billion as the largest fund in the cryptocurrency industry. Since its laying on, the fund has grown by an incredible 19,200 %.Grayscale Bitcoin Trust kept his assets in an offline-Cold wallet at Coinbase Custody Trust, as well as most companies that have applied for Bitcoin ETFs. This choice has proven to be popular because it offers investors a certain level of security.
The founders of GBTC have submitted applications to convert the funds into an Exchange Traded Fund (ETF). The company even sued Securities and Exchange Commission (SEC) in the hope of changing the industry in many ways. A decision in favor of GBTC could offer other companies such as Blackrock and Inverco the opportunity to put on their own spot ETFs.
GBTC is also known to have a big discount on his assets. The market price per share is currently $ 19.81 compared to an asset per share of $ 22. In the past few weeks, this discount has decreased somewhat.
The next important influence for the GBTC share price will be the price development of Bitcoin. Bitcoin is currently just above the important support brand of $ 30,000. If Bitcoin is recovering, a further upward movement of the Grayscale Bitcoin Trust is likely.
In terms of the course forecast, the daily diagram shows that the GBTC share price has recorded a strong upward trend in the past few days. He was able to overcome the important resistance at $ 18.53, which has been the highest level since April 10. The share price moves over the sliding sections of the last 50 and 100 days and the relative strength index (RSI) is slightly below the overbought level at 69. The trade volume of GBTC is also declining.
Based on these indicators, it is likely that the GBTC price will continue to increase, with buyers striving for the next important level of resistance at $ 25. However, a decline under the support at $ 18.53 would question the optimistic assessment.Overall, the Grayscale Bitcoin Trust and the share price in relation to the price development of Bitcoin and the decisions of the SEC remains crucial for future development. Investors should observe the developments closely and keep an eye on the market conditions to make sound decisions.
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