ββ#ForexChief #Profit #BTC #Market #forexnews #Stock #worldnews #Crypto #Bitcoin #GrayscaleBitcoin β
β οΈ Three reasons to be pessimistic about BTC
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Main crypto is falling β the price is already in the $39,000 zone, so the idea of Bitcoin at $100,000 is losing fans. Stock market whales are confident that the negative correction will continue. But why?
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β’ The launch of spot BTC-ETFs did not live up to expectations
The standard situation was implemented β Β«buy on rumours, sell on newsΒ» β the maximum volume of trading in new assets was on the first day, at the moment this indicator remains 50%. Crypto optimists took their profits too quickly and switched their attention from Bitcoin to other assets.
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β’ Sale of GBTC assets
GBTC is a former Grayscale Bitcoin trust that the company managed to convert into a spot Bitcoin ETF. Since January 10, a capital outflow of $3.4 billion has been recorded from GBTC. Grayscale has recorded large transfers of BTC to the Coinbase crypto exchange. Investors assume that the company sends cryptocurrency to the trading platform for its further sale.
β’ High inflation in the USA
We remind you that new data on the PCE index will be published tomorrow. An unpleasant fact: inflation is accelerating β in December 3.4% (+0.3%). As long as this trend continues, the Fed will not be able to lower the key interest rate, which means that high-risk assets such as cryptocurrency will again be unprofitable for long-term transactions.
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CoinGlass analysts are considering a confident technical decline in BTC to $34,000, and exchange volumes confirm this signal: large purchases of PUT options with a strike price of $35,000 and an expiration date of March 29 have been recorded.
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Situation may change on January 31 β the US Treasury will announce its quarterly borrowing plan. On this news, speculators can remove large StopLoss and return to the bearish trend again.
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What do you think about the future of Bitcoin?
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Profits to yβall!