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Bitcoin Price Prediction: BTC sends a sell signal

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The global cryptocurrency market has seen a positive trend despite the massive bearish pull. Recent corrections to Bitcoin (BTC)And Binance Coin (BNB) and others indicate slowing gains. This comes as the market continues to experience turbulence amid lower gains. While there have been efforts to revive the value of bitcoin’s price, no change has proven imminent, and the market continues to struggle, as evidenced by volatile capital inflows.

Bitcoin price It has been unable to recover lost gains since last week when the major cryptocurrency surged above the $18,000 mark. It is currently holding below $17,000 after facing rejection at $18,400 last week. At the time of writing, the Bitcoin price is at $16,542, down 1.1% in the last 24 hours and 7.2% in the past seven days.

The bearish sentiment for the big cryptocurrency comes as investors fear another sell-off following the news greyscale It is considering a tender offer for a 20% stake in the heavily discounted Bitcoin Trust.

Grayscale is considering selling $2 billion of GBTC

With the Grayscale Bitcoin Trust (GBTC) recording lower discounts by the day, the company’s CEO has revealed considerations to support investors should the trust fail to convert to a Bitcoin ETF.

greyscale bitcoin fund, The largest digital asset investment firm in the world, it is solely and passively invested in BTC and is among the first securities to invest solely in the price of BTC and extract value from it. This exposes investors to bitcoin as collateral while avoiding the challenges of buying, storing, and holding bitcoin directly.

In June, grayscale Foot The Securities and Exchange Commission (SEC) sued after the regulator denied the company’s Bitcoin ETF application for another term. In a year-end letter to investors dated Monday, December 19, Grayscale CEO Michael Sonnenstein wrote:

“If we are unsuccessful in a legal challenge in all applicable courts — and conclude that there is no possibility of legislative or regulatory clarity that would allow conversion of GBTC into an ETF in a reasonable time frame — we will explore other options to return a portion of the GBTC capital to shareholders.”

The Grayscale CEO also confirmed that the company remains committed to granting its application and converting the struggling Bitcoin trust into an instant ETF.

It should be noted that the SEC has only approved Bitcoin futures ETFs and has not yet approved any Bitcoin spot ETF in US Bitcoin futures ETFs tied to bets on the future price of BTC rather than the current price. Commenting on the case, Grayscale said:

“There is no justification for the SEC to refuse to convert the Bitcoin Trust into an ETF.”

Meanwhile, Grayscale is now considering whether to make a tender offer for 20% (approximately $2.08 billion) of the existing shares of Grayscale Bitcoin Trust (GBTC).

GBTC is designed to trade at a premium or a discount relative to the market price of Bitcoin. However, GBTC has been trading at a significant discount due to the prolonged crypto winter this year. The first time GBTC was traded at a discount was in February last year. The passion shown by the CEO of Grayscale in trying to convert GBTC into a Bitcoin ETF follows the growing gap between the GBTC price and the underlying BTC price it is meant to track.

To be able to make an offer with such behaviour, the Company would need the approval of its shareholders to change the GBTC credit agreement, which, as it is, is against the GBTC buyback. In addition, Grayscale will also need the SEC to waive specific requirements related to the execution of tender offers. If these approvals are granted, Grayscale expects to “continue to operate GBTC without an ongoing redemption program until we successfully convert it into a Bitcoin ETF.”

Based on YChartsShares in GBTC are currently selling at a discount of up to 48.57% of actual bitcoin. The current discount comes in the wake of market volatility and the inability of shareholders to redeem their shares. Accordingly, there is no way for investors to buy discounted shares, redeem BTC, and sell the main cryptocurrency for a profit in order to settle the difference.

If Grayscale achieves its dream Bitcoin ETF, this trade will become readily available. The trust traded at a 49% discount on Friday compared to the price of Bitcoin. Currently, Grayscale only allows the creation of GBTC shares but does not allow redeeming shares. However, the company continues to trade at a massive discount despite the never-ending crypto winter.

Bitcoin price is rising on GBTC grayscale options

BTC price has so far been unable to regain the gains it lost since the middle of last week after the major cryptocurrency surged north to the $18,400 mark. The support at $16,190 played an important role in preventing BTC price from declining further. The current sentiment is negative as the leading cryptocurrency is trading in a straight bearish session as seen on the daily chart below.

BTC/USD daily chart

TradingView chart: BTC/USD

At the time of publication, it was fighting the immediate resistance at the $16,850 level. BTC price was also facing resistance from the barrier at level 17, $445, which was embraced by the 50-day simple moving average (SMA) and another around $17,865.

The moving averages were pointing down and positioned The Moving Average Convergence Divergence (MACD) below the zero line in negative territory indicates that Bitcoin price action has been more to the downside. MACD also sent a sell signal on the daily chart when it crossed below The signal line (orange line) earlier on Monday. This suggests that the path of least resistance will be to the downside.

A daily candle closing below the support at $16,500 could leave bitcoin price at risk of a decline first towards $16,190 and later to the swing low at $15,460. If the worst happens, Bitcoin could drop to $12K, a point a section of analysts calls the “final bottom.”

The downtrend can be negated by a daily close above major moving averages (SMAs), such as the 50 and 100 day moving averages at $17, $445 and $18,560, respectively. Such a result will support the price’s resumption of its bullish trend to breach the $20,000 level, most likely.

While the crypto-king is fighting the downside in the market, other projects like FightOut have shown that the fundamentals are so strong that investors are paying attention.

FightOut (FGHT) – In early stages of pre-sale

Fight is an innovative Web 3.0 initiative designed to get users “ready to fight” in real life and the Metaverse while at the same time building a real community, including physical gym threads along with each player’s virtual avatar to keep players engaged.

The project completed its private sale in early December, having raised over $1 million in financing. The project developers have now opened the token to the general public, and the first phase of the pre-sale has already raised more than $2 million.

From FightOut, the current price of FGHT tokens is $0.0166 ($1 = 60.06 FGHT).

Related news:

FightOut (FGHT) – the latest money-making project

symbolic fight
  • The early stage pre-sale is now live
  • Earn free crypto and learn about your fitness goals
  • KYC verified by CoinSniper
  • LBank Labs project
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  • Staking bonuses and rewards

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Blockchain

BNT/USD is trading near the $0.50 resistance

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The Bancor price prediction shows that BNT is crossing the 9-day and 21-day moving averages while the coin is taking off to the upside.

Bancor Prediction Statistics Data:

  • Bancor price now – $0.34
  • Bancor’s market capitalization is $55.8 million
  • The circulating supply of Bancor – 162.5 million
  • The total supply of Bancor – 162.5 million
  • Bancor Coinmarketcap Ranking – #287

BNT/USD market

Key levels:

Resistance levels: $300, $310, $320

Support levels: $130, $120, $110

BNTUSD – daily chart

BNT / USD It is currently trading at $0.345 after touching a daily high of $0.490, and is likely to return above the 9-day and 21-day moving averages. However, in case the buyers can push the price above the $0.50 resistance level, then the daily candlestick may close above this level, and the price may rise towards the upper boundary of the channel.

Bancor Price Prediction: Bancor is preparing for an upward movement

According to the daily chart, the Bancor price It is moving near the $0.40 resistance level as the coin is preparing for additional gains. The technical indicator’s RSI (14) is also moving to cross above the 50 level, where the signal line is pointing up to signal a buy signal.

However, if buyers are able to push the price and hold it above the 9-day and 21-day moving averages, Bancor price could rise towards the upper boundary of the channel to reach the potential resistance levels at $0.50, $0.55, and $0.60. While crossing below the lower border of the channel, it could lift the currency to the support levels at $0.25, $0.20, and $0.15, respectively.

Against Bitcoin, Bancor is following a bullish rally, and it could swing higher to cross above the upper boundary of the channel that could identify the resistance at 2400 SAT and above. On the other hand, if the market price crosses the lower boundary of the channel, it may reach the support level of 1800 SAT and below.

BNTBTC – Daily Chart

However, the technical indicator’s RSI (14) is currently moving to cross above the 50 level as the signal line is pointing north to confirm the upward move. Moreover, any further upward movement may create additional gains above the channel.

But, Dash 2 Trading It gives you the ability to improve your trading and scalping profits with effective crypto trading recommendations, automated trading, and analytics features. There is a D2T token pre-sale going on and time is running out. The launch of the pre-sale dashboard is coming soon as the product developer is ahead of schedule. To date, the prequel has raised nearly $12 million.

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  • Know Your Customer verified and reviewed
  • The original code for the crypto signals ecosystem

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DYDX/USD could rise above $1.20

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Since the coin starts the upward movement towards the upside, the dYdX price forecast is likely to move steadily inside the channel.

dYdX prediction stats data:

  • DYDX price now – $1.10
  • DYDX market capitalization – $72.7 million
  • Circulating supply of DYDX – 65.5 million
  • Total supply of DYDX – 1 billion
  • DYDX Coinmarketcap Rank – #198

DYDX/USD Market

Key levels:

Resistance levels: $2.00, $2.20, $2.40

Support levels: $0.50, $0.30, $0.10

DYDXUSD – daily chart

DYDX/USD is likely to cross above the 9-day and 21-day moving averages as the currency begins its upward movement. in the past few days, dYdX price Struggles to cross over to the positive side. According to the daily chart, the RSI (14) technical indicator moved to cross above the 40 level, confirming the bullish movement of the currency.

dYdX Price Prediction: DYDX is ready for an uptrend

the dYdX price It is currently moving north. If the currency continues its upward movement, the bulls may cross above the 9-day and 21-day moving averages, which could reach the resistance levels at $2.00, $2.20, and $2.40. At the time of writing, DYDX/USD is showing a slight bullish movement on the daily chart.

Conversely, if the coin slips below the lower boundary of the channel, it may bring the coin back to the $0.50, $0.30, and $0.10 support levels, respectively. Meanwhile, long-term buyers should not be alarmed by the small impact down the road, as the future of DYDX is assured as evidenced by the technical indicator’s RSI (14).

Against Bitcoin, dYdX price is hovering below its 9-day and 21-day moving averages as the coin is poised for an upward move. The technical indicator’s RSI (14) also confirms the upward movement as the signal line encounters the 40 level. On the contrary, a potential downside move could emerge if the market price crosses below the lower boundary of the channel, which could reach the support level 200 SAT and below.

DYDXBTC – Daily Chart

Meanwhile, any further bullish move above the moving averages could push the coin to the 1200 SAT resistance level and above, and this could take the coin to a new high, and the market could remain in the bullish zone.

But, Dash 2 Trading It gives you the ability to improve your trading and scalping profits with effective crypto trading recommendations, automated trading, and analytics features. There is a D2T token pre-sale going on and time is running out. The launch of the pre-sale dashboard is coming soon as the product developer is ahead of schedule. To date, the prequel has raised nearly $12 million.

Related

Dash 2 Tadawul – High Potential Pre-Selling

Dash 2 Trading
  • Active pre-sale is live now – dash2trade.com
  • Featured in Cointelegraph – $10 Million Raised
  • Know Your Customer verified and reviewed
  • The original code for the crypto signals ecosystem

Dash 2 Trading


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SBF to Enter Plea Deal, Mango Exploiter Arrested, Celsius News: Hodler’s Digest, Dec. 25-31

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