Bitcoin's price action in the last 24 hours has generated quite a craze as it dropped below the $40,000 level, while this decline was part of the projections seeing the price drop live is quite another thing and undoubtedly creates panic.
According to William Suberg whom I follow closely in most of his publications, "Bitcoin held at the USD 40,000 level at the Wall Street open on January 22nd amid continued BTC sales by asset manager Grayscale."
Per Suberg, "The BTC price, while holding steady over the weekend, faced continued pressure from sellers in the new week as Grayscale Bitcoin Trust (GBTC) reduced its assets under management"
In the same vein, "As part of ongoing changes following the approval of its transition to a spot Bitcoin exchange-traded fund (ETF), outflows on January 22 totaled 19,250 BTC (USD 785 million), according to real-time data from crypto intelligence firm Arkham"
Among the day's assertions, "crazy heavy" BTC price puts bearish forecasts and BTC price strength remained so, holding USD 40,000 as support despite growing conviction that lower levels would be reached.
SOURCES CONSULTED
Cointelegraph. BTC price risks $40K breakdown as GBTC ETF steps up Bitcoin outflows. Link
OBSERVATION:
The cover image does not belong to the author: @lupafilotaxia, the image was taken from: Cointelegraph
