Selling Pressure Subsides As Grayscale Sends 8.6K Bitcoin To Coinbase, Falling Below Average

In the third week of January, Bitcoin (BTC) demonstrated a modest 3% price recovery, following increased selling pressure exerted by asset manager Grayscale since January 12. 

Interestingly, there are indications that this selling pressure is now diminishing, pointing towards a potential restart of the bullish trend that Bitcoin has been experiencing since October 2023.

How To Get Free Crypto  

Grayscale’s Resumed Selling Spree

As previously reported, since the approval of the Bitcoin spot exchange-traded fund (ETF), Grayscale has deposited a significant sum of 103,134 BTC ($4.23 billion) into Coinbase Prime as of January 25. 

However, recent data from Arkham Intelligence, which tracks Grayscale’s transfers, reveals that the asset manager sent an additional 11,800 BTC to Coinbase on Friday. Furthermore, Grayscale has resumed its selling spree as the month draws to a close, with a fresh transfer of 8,670 BTC sent to Coinbase for selling on Monday. 

A portion of Grayscale’s latest BTC was transferred to Coinbase. Source: Arkham Intelligence

Grayscale has now sent 123,604 BTC to the exchange, with an approximate value of over $5 billion. However, it is important to note a key aspect amidst this ongoing selling spree.

Despite the continuous selling activity, this latest transfer to Coinbase represents Grayscale’s smallest amount of BTC to the exchange for selling purposes. This development suggests the possibility of a reduction in the selling spree, potentially paving the way for Bitcoin’s price to make another upward move and regain previously lost levels

Coinbase Banner  

Bitcoin Price Outlook Brightens

Renowned crypto analyst Rekt Capital has provided insights into Bitcoin’s recent price action, highlighting significant levels and indicators to watch. 

According to Rekt’s analysis, Bitcoin’s weekly close managed to surpass the lower boundary of a key range, which was around $41,300. This breakout from the low range is seen as a positive development for cryptocurrency.

BTC’s RSI points to a price recovery to the $43,000 level. Source: Rekt Capital on X

Rekt Capital also points out that BTC’s Relative Strength Index (RSI), a widely used momentum indicator, is currently challenging the downtrend line (in red in the chart above). 

Rekt suggests that if the RSI can break above this downtrend line, it would invalidate the bearish divergence. A bearish divergence occurs when the price of an asset is rising, but the related indicator, in this case, the RSI, is moving in the opposite direction. 

FreeBitcoin Banner  

Should the RSI successfully break above the downtrend line, Rekt Capital believes that Bitcoin could potentially revisit the upper boundary of the mentioned range, which is approximately $43,800. Reaching this range high would indicate a further recovery in Bitcoin’s price.

The daily chart shows BTC’s price recovery. Source: BTCUSDT on

In the meantime, BTC continues to regain upper territory, currently trading at $42,645, representing a 1.5% price recovery in the past 24 hours. 

Featured image from Shutterstock, chart from 

Disclaimer: The article is provided for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

Go to Source
Author: Ronaldo Marquez

Recommended Crypto Services, Products and Strategies:

The first thing any crypto investor needs is is a reliable and secure Crypto Wallet.  Whether you’re looking for an online wallet, hardware wallet, desktop or mobile wallet, Crypto Renegade provides you with all the Best Crypto Wallets in each category.

Best Crypto Wallets Banner

When you’re ready to buy more crypto, or exchange your coins for others, Crypto Renegade’s list of the Best Crypto Exchanges has you covered.  The Crypto Exchanges recommended here offer everything from simplicity and convenience to advanced trading platforms and profit sharing. 

Best Crypto Exchanges Banner

If you want to learn more about the methods and tools that can be used to find Great Crypto Projects, then be sure to check out Crypto Renegade’s strategy for How To Find The Best Cryptocurrency.

Crypto Strategy Banner

For those people that don’t have any money to invest right now, or just want to understand the technology a bit more, you’ll definitely want to check out Crypto Renegade’s Free Crypto Strategy and start collecting Free Coins today!

Free Crypto Banner

What do you think about cryptocurrency? Do you have any questions about it? Be sure to leave a comment below.

You May Also Like

More From Author

This site uses Akismet to reduce spam. Learn how your comment data is processed.