Grayscale Bitcoin Trust Shares Rise 12%, Narrowing the Discount

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Grayscale Bitcoin Trust shares increased by 12% in the face of investor and trader unhappiness. On Monday, when GBTC’s discount to Bitcoin shrank, a big rise took place. It is noteworthy that GBTC has been in an oversold area for some months now as a result of the general state of the cryptocurrency market.

GBTC is a financial product that is listed to expose investors to Bitcoin speculations without them having to acquire or hold any of the actual currency. After the original Bitcoin inventor, it is the entity that possesses the most bitcoin globally. Beyond the state of the overall cryptocurrency market, GBTC has also had to deal with certain legal issues, which have pushed the price down for months.

Key Bitcoin Levels To Watch – January 8

The market’s overall trend remains bearish. Since August 15, 2022, the market has been descending from the supply zone at the 25214.60 price level. The second bounce off the major trendline constitutes the current trading range of the market.

Grayscale Bitcoin Trust Shares Rise 12%, Narrowing the DiscountWithin the trading range, BTCUSD was consolidating inside a triangle pattern. The market has successfully broken the triangle pattern, and prices are expected to keep rallying until the overbought region is reached, after which the downward flow might be resumed.

Bitcoin Key Levels

Resistance Levels: $25214.60, $21478.80, $18385.40
Support Levels: $16273.40, $15460.00, $13116.30

Total Market Capitalization: $850.52B
Bitcoin Market Capitalization: $331.90B
Bitcoin Volume: $15.8B
Market Rank: #1

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Azeez Mustapha

Azeez Mustapha is a trading professional, currency analyst, signals strategist, and funds manager with over ten years of experience within the financial field. As a blogger and finance author, he helps investors understand complex financial concepts, improve their investing skills, and learn how to manage their money.