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🐝 BTC UPDATE 👉🏻The last Bitcoin Update was published 9 days ago, but tbh nothing has seriously changed over this time. 👉🏻There is a small LONG setup formed on the chart — the price broke through the $66,200 and descending resistances, consolidating above them. 👉🏻I personally won't take it, I already hold more Bitcoin on spot than I initially wanted. Those dips made me buy. 👉🏻However, if you feel you don't hold enough #BTC — feel free to try it. Targets are on the chart.

🐝 BTC UPDATE

👉🏻The last Bitcoin Update was published 9 days ago, but tbh nothing has seriously changed over this time.

👉🏻There is a small LONG setup formed on the chart — the price broke through the $66,200 and descending resistances, consolidating above them.

👉🏻I personally won't take it, I already hold more Bitcoin on spot than I initially wanted. Those dips made me buy.

👉🏻However, if you feel you don't hold enough #BTC — feel free to try it. Targets are on the chart.

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Grayscale Bitcoin Trust (GBTC) saw a 5% increase in pre-market trading value, marking its first rise since January, amid a challenging period with significant market share reduction and $17.46 billion in withdrawals since becoming an ETF. The renewed interest in GBTC, totaling $63 million, likely stems from the overall positive momentum in the cryptocurrency markets, with Bitcoin's price surging from $56,000 to $65,000 in early May. 📈 Despite this boost, Grayscale remains proactive, introducing a new investment product, the "Bitcoin Mini Trust," with lower fees, and seeking SEC approval for an Ethereum ETF, a process that might be expedited due to similarities with Bitcoin's regulatory path. 🔍 However, competition in the Bitcoin ETF space is fierce, and it's unclear if GBTC's recent upturn signals a short-term response or sustained recovery. 💼 GBTC's ability to reclaim its former status depends on various factors, including the success of its Mini Trust, regulatory outcomes for its Ethereum ETF, and ongoing gains in the cryptocurrency market. 📉 Recent bankruptcies in the cryptocurrency sector have also added to GBTC's challenges, with companies selling off GBTC shares to meet debt obligations, further highlighting the volatile market environment. 🔄 As Bitcoin continues its recovery post-halving, GBTC must seize this opportunity to regain its position as a leading choice for Bitcoin investors, navigating through competitive pressures, regulatory hurdles, and the need to rebuild investor trust. #GRAYSCALE #gbtc #CryptoNews🚀🔥
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