{"id":35575,"date":"2024-01-29T20:52:36","date_gmt":"2024-01-30T00:52:36","guid":{"rendered":"http:\/\/cryptocornercafe.com\/cafe\/?p=35575"},"modified":"2024-01-29T20:52:36","modified_gmt":"2024-01-30T00:52:36","slug":"selling-pressure-subsides-as-grayscale-sends-8-6k-bitcoin-to-coinbase-falling-below-average","status":"publish","type":"post","link":"http:\/\/cryptocornercafe.com\/cafe\/2024\/01\/29\/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 selling pressure<\/a> exerted by asset manager Grayscale since January 12.\u00a0<\/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.<\/p>\n

Grayscale\u2019s Resumed Selling Spree<\/h2>\n

As previously reported<\/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<\/p>\n

However, recent data <\/a>from Arkham Intelligence, which tracks Grayscale\u2019s transfers, reveals that the asset manager sent an additional 11,800 BTC to Coinbase on Friday. Furthermore, Grayscale <\/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<\/p>\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.<\/p>\n

Despite the continuous selling activity, this latest transfer to Coinbase represents Grayscale\u2019s 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\u2019s price to make another upward move and regain previously lost levels<\/a>.\u00a0<\/p>\n

Bitcoin Price Outlook Brightens<\/h2>\n

Renowned crypto analyst Rekt Capital has provided insights into Bitcoin\u2019s recent price action, highlighting significant levels and indicators to watch.\u00a0<\/p>\n

According <\/a>to Rekt\u2019s analysis, Bitcoin\u2019s 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.<\/p>\n

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

Should the RSI successfully break above the downtrend line<\/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\u2019s price.<\/p>\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<\/p>\n

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

<\/p>\n

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

Grayscale\u2019s Resumed Selling Spree<\/h2>\n

As previously reported<\/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<\/p>\n

However, recent data <\/a>from Arkham Intelligence, which tracks Grayscale\u2019s transfers, reveals that the asset manager sent an additional 11,800 BTC to Coinbase on Friday. Furthermore, Grayscale <\/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<\/p>\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.<\/p>\n

Despite the continuous selling activity, this latest transfer to Coinbase represents Grayscale\u2019s 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\u2019s price to make another upward move and regain previously lost levels<\/a>.\u00a0<\/p>\n

Bitcoin Price Outlook Brightens<\/h2>\n

Renowned crypto analyst Rekt Capital has provided insights into Bitcoin\u2019s recent price action, highlighting significant levels and indicators to watch.\u00a0<\/p>\n

According <\/a>to Rekt\u2019s analysis, Bitcoin\u2019s 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.<\/p>\n

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

Should the RSI successfully break above the downtrend line<\/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\u2019s price.<\/p>\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<\/p>\n

Featured image from Shutterstock, chart from TradingView.com\u00a0<\/p>\n

<\/p>\n","protected":false},"author":0,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"colormag_page_layout":"default_layout","_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[82],"tags":[],"class_list":["post-35575","post","type-post","status-publish","format-standard","hentry","category-blockchain"],"jetpack_featured_media_url":"","jetpack_sharing_enabled":true,"_links":{"self":[{"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/posts\/35575","targetHints":{"allow":["GET"]}}],"collection":[{"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/types\/post"}],"replies":[{"embeddable":true,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/comments?post=35575"}],"version-history":[{"count":1,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/posts\/35575\/revisions"}],"predecessor-version":[{"id":35582,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/posts\/35575\/revisions\/35582"}],"wp:attachment":[{"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/media?parent=35575"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/categories?post=35575"},{"taxonomy":"post_tag","embeddable":true,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/tags?post=35575"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}