{"id":572192,"date":"2024-01-29T20:00:24","date_gmt":"2024-01-29T20:00:24","guid":{"rendered":"https:\/\/shenyangcang.com\/?p=572192"},"modified":"2024-06-11T07:13:23","modified_gmt":"2024-06-11T07:13:23","slug":"selling-pressure-subsides-as-grayscale-sends-8-6k-bitcoin-to-coinbase-falling-below-average","status":"publish","type":"post","link":"https:\/\/shenyangcang.com\/news\/selling-pressure-subsides-as-grayscale-sends-8-6k-bitcoin-to-coinbase-falling-below-average\/","title":{"rendered":"Selling Pressure Subsides As Grayscale Sends 8.6K Bitcoin To Coinbase, Falling Below Average"},"content":{"rendered":"

In the third week of January, Bitcoin (BTC) demonstrated a modest 3% price recovery, following increased <\/span>selling pressure<\/span><\/a> exerted by asset manager Grayscale since January 12.\u00a0<\/span><\/p>\n

Interestingly, there are indications that this selling pressure is now diminishing, pointing towards a potential restart of the bullish trend that Bitcoin has been experiencing since October 2023.<\/span><\/p>\n

Grayscale’s Resumed Selling Spree<\/span><\/h2>\n

As previously <\/span>reported<\/span><\/a>, since the approval of the Bitcoin spot exchange-traded fund (ETF), Grayscale has deposited a significant sum of 103,134 BTC ($4.23 billion) into Coinbase Prime as of January 25.\u00a0<\/span><\/p>\n

However, recent <\/span>data <\/span><\/a>from Arkham Intelligence, which tracks Grayscale’s transfers, reveals that the asset manager sent an additional 11,800 BTC to Coinbase on Friday. <\/span>Furthermore, <\/span>Grayscale <\/span><\/a>has resumed its selling spree as the month draws to a close, with a fresh transfer of 8,670 BTC sent to Coinbase for selling on Monday.\u00a0<\/span><\/p>\n

\"Bitcoin
A portion of Grayscale’s latest BTC was transferred to Coinbase. Source: Arkham Intelligence<\/a><\/figcaption><\/figure>\n
Related Reading: 13% Surge Sends AVAX Rumbling \u2013 Is This The Start Of Something Big?<\/a><\/div>\n

Grayscale has now sent 123,604 BTC to the exchange, with an approximate value of over $5 billion. However, it is important to note a key aspect amidst this ongoing selling spree.<\/span><\/p>\n

Despite the continuous selling activity, this latest transfer to Coinbase represents Grayscale’s smallest amount of BTC to the exchange for selling purposes. <\/span>This development suggests the possibility of a reduction in the selling spree, potentially paving the way for Bitcoin’s price to make another upward move and regain previously<\/span> lost levels<\/span><\/a>.\u00a0<\/span><\/p>\n

Bitcoin Price Outlook Brightens<\/span><\/h2>\n

Renowned crypto analyst Rekt Capital has provided insights into Bitcoin’s recent price action, highlighting significant levels and indicators to watch.\u00a0<\/span><\/p>\n

According <\/span><\/a>to Rekt\u2019s analysis, Bitcoin’s weekly close managed to surpass the lower boundary of a key range, which was around $41,300. This breakout from the low range is seen as a positive development for cryptocurrency.<\/span><\/p>\n

\"Bitcoin
BTC’s RSI points to a price recovery to the $43,000 level. Source: Rekt Capital on X<\/a><\/figcaption><\/figure>\n
Related Reading: XRP Predicted To Rally 250% After Final Price Dip: Crypto Analyst<\/a><\/div>\n

Rekt Capital also points out that BTC\u2019s<\/span> Relative Strength Index <\/span><\/a>(RSI), a widely used momentum indicator, is currently challenging the downtrend line (in red in the chart above).\u00a0<\/span><\/p>\n

Rekt suggests that if the RSI can break above this downtrend line, it would invalidate the bearish divergence. A bearish divergence occurs when the price of an asset is rising, but the related indicator, in this case, the RSI, is moving in the opposite direction.\u00a0<\/span><\/p>\n

Should the RSI successfully break above the <\/span>downtrend line<\/span><\/a>, Rekt Capital believes that Bitcoin could potentially revisit the upper boundary of the mentioned range, which is approximately $43,800. Reaching this range high would indicate a further recovery in Bitcoin’s price.<\/span><\/p>\n

\"Bitcoin
The daily chart shows BTC’s price recovery. Source: BTCUSDT on TradingView.com<\/a><\/figcaption><\/figure>\n

In the meantime, BTC continues to regain upper territory, currently trading at $42,645, representing a 1.5% price recovery in the past 24 hours.\u00a0<\/span><\/p>\n

Featured image from Shutterstock, chart from TradingView.com\u00a0<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"

In the third week of January, Bitcoin (BTC) demonstrated a modest 3% price recovery, following increased selling pressure exerted by asset manager Grayscale since January 12.\u00a0 Interestingly, there are indications that this selling pressure is now diminishing, pointing towards a potential restart of the bullish trend that Bitcoin has been experiencing since October 2023. Grayscale’s Resumed Selling Spree As previously reported, since the approval of the Bitcoin spot exchange-traded fund (ETF), Grayscale has deposited a significant sum of 103,134 BTC ($4.23 billion) into Coinbase Prime as of January 25.\u00a0 However, recent data from Arkham Intelligence, which tracks Grayscale’s transfers, reveals that the asset manager sent an additional 11,800 BTC to Coinbase on Friday. Furthermore, Grayscale has resumed its selling spree as the month draws to a close, with a fresh transfer of 8,670 BTC sent to Coinbase for selling on Monday.\u00a0 Related Reading: 13% Surge Sends AVAX Rumbling \u2013 Is This The Start Of Something Big? Grayscale has now sent 123,604 BTC to the exchange, with an approximate value of over $5 billion. However, it is important to note a key aspect amidst this ongoing selling spree. Despite the continuous selling activity, this latest transfer to Coinbase represents Grayscale’s smallest amount of BTC to the exchange for selling purposes. This development suggests the possibility of a reduction in the selling spree, potentially paving the way for Bitcoin’s price to make another upward move and regain previously lost levels.\u00a0 Bitcoin Price Outlook Brightens Renowned crypto analyst Rekt Capital has provided insights into Bitcoin’s recent price action, highlighting significant levels and indicators to watch.\u00a0 According to Rekt\u2019s analysis, Bitcoin’s weekly close managed to surpass the lower boundary of a key range, which was around $41,300. This breakout from the low range is seen as a positive development for cryptocurrency. Related Reading: XRP Predicted To Rally 250% After Final Price Dip: Crypto Analyst Rekt Capital also points out that BTC\u2019s Relative Strength Index (RSI), a widely used momentum indicator, is currently challenging the downtrend line (in red in the chart above).\u00a0 Rekt suggests that if the RSI can break above this downtrend line, it would invalidate the bearish divergence. A bearish divergence occurs when the price of an asset is rising, but the related indicator, in this case, the RSI, is moving in the opposite direction.\u00a0 Should the RSI successfully break above the downtrend line, Rekt Capital believes that Bitcoin could potentially revisit the upper boundary of the mentioned range, which is approximately $43,800. Reaching this range high would indicate a further recovery in Bitcoin’s price. In the meantime, BTC continues to regain upper territory, currently trading at $42,645, representing a 1.5% price recovery in the past 24 hours.\u00a0 Featured image from Shutterstock, chart from TradingView.com\u00a0<\/p>\n","protected":false},"author":589,"featured_media":572193,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[3],"tags":[428,485,656,679,7561,6047,680,90843,7434,7756,755,768,1119,1144,8390,78790,6664,1558,7523,61774,91264,89192,83824],"class_list":["post-572192","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-bitcoin","tag-bitcoin-chart","tag-bitcoin-news","tag-bitcoin-price","tag-bitcoin-price-4-hours-chart","tag-bitcoin-price-action","tag-bitcoin-price-analysis","tag-bitcoin-price-crash","tag-bitcoin-price-daily-chart","tag-bitcoin-signals","tag-bitcoin-technical-analysis","tag-bitcoin-trading","tag-btc","tag-btcusd","tag-btcusd-price","tag-btcusdt","tag-crypto","tag-cryptocurrency","tag-grayscale","tag-grayscale-bitcoin-trust","tag-grayscale-bitcoin-trust-etf","tag-grayscale-news","tag-grayscale-trust"],"acf":[],"yoast_head":"\nSelling 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