Why Bitcoin’s Next Major Retracement Could Be Months Away

[rasangaya]

Why Bitcoin’s Next Major Retracement Could Be Months Away





Bitcoin has been in a strong uptrend for around 2 months but has been stalling recently. The digital asset is currently ranging between $9,000 and $10,000 while its trading volume continues shaking every day.

Bitcoin is now in a daily equilibrium pattern but the range is still too wide for a breakout to occur. According to a recent report, Grayscale Trust Fund is currently buying more Bitcoin than is being mined since the 2020 halving.

Basically, Grayscale is buying up all the new Bitcoin supply and some more, according to the report provided by Kevin Rooke, Grayscale is buying BTC at a 1.5x rate of BTC mined. There is a clear growing interest in Bitcoin even though its price has been inert for quite some time.

It seems that institutional investors and trust funds are accumulating Bitcoin at an increasing rate. A bullish sign especially considering that the digital asset has shown signs of instability recently.

Check here: Visit