Bitcoin (BTC) Price’s Two Possible Moves Indicated by Seasoned Trader

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Sat, 06/06/2020 - 15:03
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Vladislav Sopov
Famous cryptocurrencies trader, analyst, and educationist Crypto Birb indicated two possible moves for the price of Bitcoin (BTC) in a one-day timeframe.
Bitcoin (BTC) Price’s Two Possible Moves Indicated by Seasoned Trader
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Crypto Birb, Founder of The Birb Nest trading community, unveiled a 1D Bitcoin (BTC) price chart with two possible behaviors. He also showed the conditions of the two scenarios and their most reasonable targets.

All Eyes on 50-Day MA

According to the analyst, the price level of 50-day moving average (50-day MA) is a crucial hold the bulls. If the price of Bitcoin (BTC) breaks below this line, an additional drop to $7,518 looks inevitable.

$7,518 is the most natural level of support below 50MA for Bitcoin (BTC) price
Image via Twitter

A declining Bitcoin (BTC) price, which is on its way to $7,518, may also find a support near $9,000 and then near $8,500. Reaching this dramatic level would indicate the start of new upswing.

However, if the bulls manage to make the price of Bitcoin (BTC) break the upper border of ascending channel near $10,500, BTC could reach yearly high above $12,000 in early July.

The $11,000 level is the level of bearish resistance, which would not be conquered easily by an aggression of buyers.

Flat After 'Bart Simpson' Rally

Right now, the price of Bitcoin (BTC) is trying to break out of the Ascending Triangle that evolved between the $9,600 and $9,800 levels. Market sentiment is mostly moderately bullish.

Alternative's Crypto Fear and Greed Index sits at 54 points ('Neutral Zone'). The fake rally of June 1, 2020 failed to stop its upswing.

As previously reported by U.Today, Bitcoin (BTC) surged almost 8.6% on June 1st, 2020, but a massive sell-off on the spot exchanges half a day later completely erased these gains.

At press time, the price of Bitcoin (BTC) changed hands at $9,660 on the major spot cryptocurrency exchange platforms.

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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.)