Bitcoin Rebounds as Cathie Wood Buys the Dip Via Grayscale

24 June 2021 | Updated: 24 June 2021

Cathie Wood, the founder, CEO, and CIO of Ark Invest, recently bought Bitcoin (BTC) on the last dip. Reports show that the investor bought over 1 million shares in the Grayscale Bitcoin Trust on Tuesday. Wood’s ARK Next Generation Internet ETF (ARKW) reportedly purchased 1,046,002 GBTC shares.

This purchase brings the fund’s total GBTC holdings to approximately 8.5 million shares. These holdings are worth $236.2 million, as GBTC currently trades at $27.8. While making the purchase, Bitcoin traded at $28,900, and GBTC plummeted to $24.0.

ARK Next Generation Internet ETF’s GBTC acquisition during the recent market crash highlighted Wood’s bullish BTC stance. That said, Bitcoin witnessed a sharp reversal from the selloff after the purchase and currently trades at $34,000.

Although the last BTC crash sent the benchmark cryptocurrency down by over 50% from its all-time high of $64,870, Wood remains unshaken in her bullish expectations of the cryptocurrency.

The star investor recently noted that she expects Bitcoin to hit $500,000 over the long term. Wood argued that the inflow of institutional investors into BTC would propel the cryptocurrency to the lofty highs she envisions.

Key Bitcoin Levels to Watch — June 24

Bitcoin has posted a decent rebound from its recent plummet to the $28,800 low. At press time, BTC trades at $34,000 after failing to clear the $35,000 level yesterday.

BTCUSD – 4-Hour Chart

That said, we expect a retest of the $35,000 resistance over the coming hours as the cryptocurrency retraces its steps from oversold conditions. A successful break above the $35,000 level should send the benchmark cryptocurrency to the $36,500 level, where our 200 SMA resides. Subsequently, we should see a climb to the $40,000 psychological resistance and higher.

On the other hand, a fall from its current price should get dissipated by the $31,000 pivot line.

Meanwhile, our resistance levels are at $35,000, $36,000, and $37,000, and our key support levels are at $33,750, $33,000, and $32,000.

Total Market Capitalization: $1.36 trillion

Bitcoin Market Capitalization: $636.6 billion

Bitcoin Dominance: 46.6%

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.