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Bitcoin (BTC) Price Trend Bearish, $9,070 is the New Key Level: Analyst

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Sun, 06/28/2020 - 16:24
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Vladislav Sopov
Last night, Bitcoin (BTC) plunged below $8,850 on several major spot exchanges. It looks like the last vestiges of the bullish rally are now gone.
Bitcoin (BTC) Price Trend Bearish, $9,070 is the New Key Level: Analyst
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Bitcoin (BTC) barely escaped the sub-$9,000 zone and is trading closer to its monthly lows. Which level is the next red line for the bulls?

Downtrend Continues

Entrepreneur, mathematician, private hedge fund manager, and trader Koroush AK confirmed his bearish short-term price prediction for Bitcoin (BTC). According to a chart that he posted in a recent tweet, Bitcoin (BTC) failed to leave the descending channel that was formed on Friday, June 26th, 2020.

Trader Koroush AK supposes the support near $9,070 turned into resistance level
Image via Twitter

After the recent price drop below the $9,000 mark, the $9,070 level has turned into a key resistance level. The continuation of the downtrend depends on whether the Bitcoin (BTC) bulls manage to hold it.

Mr. Koroush admitted that the bears still have the strength to push the price of the king coin further down from its current position. 

It should be noted that the price of Bitcoin (BTC) has collapsed to its monthly lows on some exchanges. This ugly red candle was followed by a $22M liquidation on the BitMEX derivatives trading platform.

Is It a Swing Before an Uptrend?

Apart from what was mentioned, some top-notch analysts believe that things are not as bad for Bitcoin (BTC) holders. Dutch cryptocurrencies trader and analyst Michael van de Poppe foresees a bullish scenario for both Bitcoin (BTC) and Ethereum (ETH).

For him, the $8,800 and $8,900 range is a crucial zone for Bitcoin (BTC). Successful attempts by the bulls to maintain this range may initiate a splendid rally for two of the most popular cryptocurrencies.

I think, if we hold $8,800-8,900. From here to $9,600 -> then flip $9,300 -> crawling back up with acceleration above $10,000 and then $11,500-12,000 test. That would put $ETH above $300 too.

It is worth noting that the CTO of Glassnode on-chain data vendor mentioned that Bitcoin (BTC) hodlers are still full of optimism about its performance.

Yesterday, June 27th, 2020, the CTO shared twelve charts that showcased how confident Bitcoin (BTC) long-term holders are in this turbulent 2020. Such a narrative looks more than bullish for him.

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About the author

Blockchain Analyst & Writer with scientific background. 5+ years in IT-analytics, 2+ years in blockchain.

Worked in independent analysis (Crypto Briefing) as well as in start-ups (Swap.online, Monoreto, Attic Lab etc.)

Grayscale Assets Under Management Surge $300,000,000 in One Day. What Does This Mean?

News
Fri, 10/23/2020 - 09:24
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Vladislav Sopov
Grayscale, undisputed giant of institutional crypto investments, is celebrating another monstrous milestone, adding a nine-digit sum to AUM in 24 hours
Grayscale Assets Under Management Surge $300,000,000 in One Day. What Does This Mean?
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Grayscale is an investment company that provides the clients with an exposure to digital currency markets eliminating the need to buy tokens. The firm does it by selling shares of 'trusts' related to certain digital assets. The recently started FOMO has already brought Grayscale's 'asset under management' (AUM) values to previously unseen levels.

Grayscale assets are on steroids

In its most recent report shared in a tweet, Grayscale Investments stated that its net AUM now surpasses $7,300,000,000. Mostly, this upsurge should be attributed to the spikes of Bitcoin (BTC), Ethereum (ETH) and Litecoin (LTC) prices.

Grayscale adds $300M to its AUM in 24 hours
Image by Twitter

Its founder, CEO of Digital Currency Group Barry Silbert, unveiled that Grayscale’s holdings added a whopping amount of value in the last 24 hours.

Added a cool $300 million in AUM in one day

In terms of separate ‘trusts’, the most impressive increase is associated with Litecoin (LTC). Its value added almost 10% bringing its total to over $34 mln. 

Bitcoin (BTC) allocation surged above $6 bln with a 5% increase. Notorious Grayscale Ethereum Trust (ETHE) added 6% and now is valued at $942 mln.

PayPal assists Grayscale

By contrast, Stellar Lumens (XLM) and Bitcoin Cash (BCH) trusts witnessed mediocre increases of 2-3%. The only integral product of Grayscale, Large Cap Trust that unites the most valuable coins under its umbrella, therefore, added less than 4%.

The numbers of Grayscale Investments positions rocketed due to the rapid spike of crypto prices associated with PayPal’s decision to add major digital assets to its instrument toolkit.

As covered by U.Today previously, PayPal announced that Bitcoin (BTC), Ethereum (ETH), Litecoin (LTC) and Bitcoin Cash (BCH) will be added as payment methods by the end of this year.

  

Following this surprising news, Bitcoin (BTC) revisited its multi-months high over $13,000. At press time, its price has slightly retraced and flirts with the $12,800 level.

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About the author

Blockchain Analyst & Writer with scientific background. 5+ years in IT-analytics, 2+ years in blockchain.

Worked in independent analysis (Crypto Briefing) as well as in start-ups (Swap.online, Monoreto, Attic Lab etc.)