While writing this content, the leading cryptocurrency, BTC, oscillates around the $50,000 mark. Though it can mean slight rises and drops, analysts expect a gradual upside move towards higher zones.
By breaking the $50K level, Bitcoin remains 30% lower from its previous record high. However, as the trading volume decreases, lower than April-May levels, the crypto denotes inadequate momentum.
Now, let us analyze Bitcoin’s speculative condition. Are there possibilities of a catalyst from the previous bullishness triggering another upside move?
Is BTC Awaiting a Move?
Grayscale had its BTC holding peaking 655.47K on 21 Feb this year. However, the accumulation activity has dropped since then. While writing this content, the Bitcoin holdings stay at 649K.
During the period, GBTC premiums depleted on charts, plunging to -21% on 15 May. However, the situation of the premiums remaining negative might turn in the coming few months.
The period from March to August had many GBTC unlocks planned, with around 30,000 Bitcoin from 21 to 23 June. GBTC unlock attracts traders that book profits after the first six-month lock-up session.
Remember, there will be no unlocks up to September as of yesterday. Such developments might result in a domino outcome, one that would see Bitcoin surging high depending on the momentum by the institutions.
Grayscale Accumulation
Keep in mind that Grayscale didn’t announce BTC holdings addition. Meanwhile, analysts speculate that it is the perfect time for the firm to renew its GBTC product demand. As premiums stand around 11% while publishing this article, the upside path seems smooth.
For now, Bitcoin holds its price above the immediate support at $42,000. That way, the coin stays over the bearish territory. If Grayscale sees an accumulation period again, GBTC shares might consume demand again. Premiums will rise in such a case.
Keep in mind that aggressive interest by institutions in November last year had retail joining the space. That led to a massive cryptocurrency rally. As much as the situation might be different now, Grayscale’s revived interest may be the catalyst BTC requires to explore the $64,000 levels.
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