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#Grayscale #Bitcoin $BTC Trust 50% retrace underway $GBTC
The cloud is configured to reflect the daily chart of an asset that trades 24/7 as the underlying bitcoin does. Refer to the BTC chart link below.
The volume profile suggests that there is a new range for BTC with support at $3930, resistance at $4830. There is also resistance around $4200.
Due to the growing volume across exchanges, it is becoming ever more likely that we have seen the bottom of this bear market.
Nasdaq, Bakkt, The Square Inc . Cash App and possibly the VanEck Bitcoin ETF are all in the process of creating products that will tie up ever greater amounts of BTC in their respective markets. It is possible that the market will front-run these developments and the associated demand.
One other thing worth mentioning is that there is less resistance in the price range between $4200 and $4800. This means that if BTC breaks through the $4200 level there could be a swift move back to $4830.
The volume profile suggests that there is a new range for BTC with support at $3930, resistance at $4830. There is also resistance around $4200.
Due to the growing volume across exchanges, it is becoming ever more likely that we have seen the bottom of this bear market.
Nasdaq, Bakkt, The Square Inc . Cash App and possibly the VanEck Bitcoin ETF are all in the process of creating products that will tie up ever greater amounts of BTC in their respective markets. It is possible that the market will front-run these developments and the associated demand.
One other thing worth mentioning is that there is less resistance in the price range between $4200 and $4800. This means that if BTC breaks through the $4200 level there could be a swift move back to $4830.
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