BTC Moves Amid $32K As Markets Await For A GBTC Unlock

BTC moves amid $32K with the enhanced volatility reaching the crypto market and traders awaiting for the largest GBTC unlocking of over 16,000 that should happen today, July 18, as we can see more in our latest bitcoin news.

While Bitcoin’s price trades in a range of $32,000 all eyes are on today’s biggest GBTC unlocking of over 16,000 bitcoins. On the other hand, some of the altcoins bounced off since the recent price drops with DOGE jumping 9% on a 24-hour period. After exceeding $33,000, BTC moves amid $32K in value and lost more than $2000 in one day. The unsuccessful attempt by the bulls to recover resulted in another drop and this time, the cryptocurrency hit the lowest price line in three weeks. The trading volume remained low in the next few days and BTC failed to reclaim most losses as well. It initiated a few sudden legs up and surpassing $32,000 but retraced below that shortly after.

What’s more intriguing to happen today would be the leading digital asset manager Grayscale and its GBTC Trust more specifically.

As reported earlier, The crypto market lost more than $210 billion in two days as Bitcoin dumps to a new low of $32K and the trouble continues with another price slide to a new low below the $32,000 level. The altcoins are deep in the red as ETH and BC trade below $2000 and $300 respectively. The weekend saw minimal trading volume with the price of the primary cryptocurrency increasing. It went from $33,000  to a high of $35,000. however, the bears regained control at this point and didn’t allow for a potential breakout. On the contrary, they pushed BTC south as reported a day ago.

BTC dropped to $33,000 and then it did try to bounce off but the situation worsened. The asset kept falling and broke below $32,000 for the first time since June and hit a low of $31,650. This became the lowest-priced line in 17 days and despite regaining a few hundred dollars in the next few hours, BTC’s market cap dropped below $600 billion while its dominance increased to 46% due to the bloodbath among the other altcoins.

Bitcoin’s price set to rebound soon as it shorted on the Bitfinex crash by 25% as of late. Bitcoin bears should watch out for a potential blow as the margined short positions number on Bifinex crashed by 25%. The dataset dropped to 11,066 BTC on Saturday compared to the 14,897 BTC at the session’s open. In the meantime, the drop came as a part of a bigger downside move which started on July 15 while on the day, the total number of margined short positions reached 17,053 BTC.

Source: https://www.dcforecasts.com/bitcoin-news/btc-moves-amid-32k-as-markets-await-for-a-gbtc-unlock/