Bitcoin  is making a small rebound from its drop to $38,500, to now $42,000.

But some people may be jumping the gun to say the bottom is in.

With 12 other examples, the weekly RSI is due to head to the orange .382 support zone, with prices in the low 30k's.

The most common argument to say the local low is in is our 20% decline which lines up with other 20% declines in 2023.

What they don't mention, is that our move is up almost 100%, compared to the 60% moves that came before 20% drops.

This is by far the largest single rise we have seen this cycle.

Data was accurate to tell us when price was overheated, and I am sure it will do the same to tell us when it is undervalued again.

We're just not quite there yet.

Last cycle I bought all my #Bitcoin  below 10k.

Then I sold it all at 54k in April 2021.

Now I'm all in from 16.5k Nov 2022.

My only mission is to help you succeed!

The best way is my newsletter, which you can follow me or reshare my story.

#Write2Earn: #TradeNTell #friend3

Bitcoin has once again regained a trading price of $42,000 after a week characterized by downtrends. The price drop was fueled by a massive sell-off recorded by the asset management firm Grayscale on its flagship ETF product.

Grayscale’s Selling Spree Slows Down

On January 10th, Grayscale’s GBTC was one among 11 spot Bitcoin exchange-traded funds (ETFs) that got approved. The asset management company took the leading position in terms of trading volume, holding nearly half of the market share in just 24 hours after approval.

Reports confirmed on January 22nd that the bankrupt crypto derivatives exchange FTX sold off almost $1 billion worth of GTBC. Several investors followed the same path, pulling their funds from Grayscale’s GBTC product. In one instance, the firm saw more than $515 million exit its platform in a single day. Presently, the selloff has reduced as Grayscale’s total sales total $4.3 billion, signifying a possible slowdown in the selling spree.

The massive exodus recorded in Grayscale’s Bitcoin ETF business has benefited other financial institutions offering the same product. For example, BlackRock’s IBIT and Fidelity’s FBTC continued to record inflows throughout the week while Grayscale saw outflows.

Meanwhile, Bitwise became the first ETF issuer to publicly disclose the Bitcoin wallet address holding its ETF proceeds. While the move may likely bring more investors into its ecosystem, the firm noted that the action will bolster transparency. Since then, the company has seen donations poured into its wallet address. These additional funds will be issued to investors in Bitwise’s BITB investment vehicle.

BTC Trades at $42K

After a troubling week for the leading cryptocurrency, it has bounced back to a current trading price of $42,000. BTC’s downward spiral earlier this week saw its lowest on January 23rd when it traded around $38,600.

However, the asset began seeing uptrends earlier today, causing its latest impressive price performance.
#Write2Earn: #TradeNTell #friend3

Bitcoin & crypto can save you.
#BitcoinForever #friend3 #ChooseWell #Inflation_Rate #Protectyourfunds

Good evening.

For all the "Middle East will pump #Bitcoin  - but the ETF didn't work" BlackRock Bears.

Saudi Arabia's sovereign wealth fund is $776 billion.

BlackRock's Assets Under Management is $10 TRILLION.

A 50% allocation (BTW - NEVER GONNA HAPPEN) to #Bitcoin  by your Saudi Saviours is $388 Billion.

Just a 5% allocation by BlackRock ALONE is $500 Billion.

Grow up and stop being a BlackRock Bear - you sound dumb.

You should be more pumped about the ETF for price appreciation AND adoption than any Middle East dreams anyone is trying to sell you or any other single development in #Bitcoin  since #Bitcoin 's inception.

#TradeNTell #friend3 #Write2Earn

#friend3Ai token $F3 got listed today
It's ido price was 0.01 and now it's in between 0.048 to 0.051 while publishing this post.
What do you guys think about F3?
Have your say,
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