The scenario in which the Bitcoin price action got into has generated in the last 24 hours an optimistic feeling among bullish traders, after BTC recorded an increase of over 3% this according to data reported on the Coingecko portal.
It has been speculated that this slight recovery in Bitcoin's price action is mainly due to the decrease in sales of BTC units by Grayscale, a U.S. digital currency asset management company.
Now, beyond the fact that Grayscale started to decrease Bitcoin sales, it is also true that EFT purchases started to increase, without a doubt that both events are quite positive for the health of the price within the cryptocurrency market.
The fact that the purchases of Bitcoin units by EFTs is a positive thing, as these operations surpassed the sales that Grayscale had been executing, an element that when combined led the price action to test the $43,000 level.
An important fact is that BlackRock's Bitcoin ETF exceeds USD 2 billion in holdings this according to information disclosed in the Cointelegraph portal by the famous columnist William Suberg, it has been indicated that basically this action takes advantage of the GBTC weakness to take control of the Bitcoin market.
One element that could affect Bitcoin's price action is that, "Risk assets were generally preparing for the U.S. Federal Reserve's upcoming interest rate decision, scheduled for January 31, which marked the high point of the week."
SOURCES CONSULTED
Cointelegraph. BlackRock Bitcoin ETF passes $2B holdings as GBTC outflows dip 50%. Link
OBSERVATION:
The cover image does not belong to the author: @lupafilotaxia, the image was taken from: Cointelegraph
