Neither pump nor crash: Bitcoin (BTC) seems to consolidate above 18,200 USD without being able to cross permanently over 19,500 USD. Grayscale was a major driver of the current bull rally. He has just demonstrated once again his gargantuan appetite for Bitcoin.
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Grayscale: between conviction and manipulation
Bitcoin fell to $ 18,928 today, before rising above $ 19,540. BTC failed to break the resistance zone around $ 19,500. The resulting correction brought its price down to $ 19,382 as of this writing.
The markets are still volatile since Bitcoin reached a new all-time high on December 1, 2020.
Coin98 Analytics tweeted today, indicating that Grayscale bought twice as many Bitcoins, that of Bitcoins mined in November 2020.
The miners had produced 27,881 BTC valued at $ 538,973,187 during the month of November 2020; Grayscale acquired for USD 1,068,000,000 in Bitcoin within a month.
With the support of institutional investors, Bitcoin is expected to cross the $ 20,000 mark before the end of this year.
For Peter Schiff, Grayscale manipulates the markets by causing pump blows and, that it will massively sell its Bitcoins when the price of BTC will have reached a new historic peak.
Grayscale had bought 7,351 BTC worth $ 136.8 million, the week before the price of Bitcoin does not reach a new ATH.
We bring out the supports and resistances
The BTC is currently consolidating in the $ 18,200 – $ 19,500 area. The bulls need to break through the resistance zone of $ 19,400 – $ 19,500 in order to attack the new ATH.
If the support area of $ 19,000 – $ 19,200 were to break, the next support would be at $ 18,650 and then $ 17,800.
If the latter also gave in to bear pressure, then a drop to the $ 16,100 level would be possible.
Is Grayscale at risk of indigestion and suddenly throwing up all the BTC it has devoured when it hits another all-time high? The threat of $ 16,000 continues to weigh on the markets with bulls currently unable to break through the last resistance zone before another ATH. Are we expecting another shot from Grayscale or one of his cronies?
Litecoin, welcome in the Silver Age