Introduction:

The most notable thing recently is still Grayscale’s selling pressure. So far, only tens of thousands of coins have been sold. Even if the ETF will consume Grayscale’s selling pressure in the future, it will still bring huge fluctuations to the market in the short term. Let’s see how much impact it will have on the market based on the response and data of Grayscale’s founder today.

Galaxy Digital founder: Although most people sell GBTC but will invest in other ETFs, Bitcoin will rise in 6 months

Chris J Terry, chief architect of BTCdata, wrote that it looks like BTC prices will continue to remain flat/fall until GBTC is liquidated, with $25 billion of selling expected in the coming weeks. Grayscale’s decision to keep the ETF fee at 1.5% will be the biggest strategic mistake in the history of cryptocurrency.

The founder of Grayscale believes that now it is much easier for the boomers to buy ETFs. And they can also get 4x5 times leverage. This sell-off will end and Bitcoin will go higher within 6 months.

Today's data analysis of Grayscale and market outlook:

1. The selling pressure on Grayscale is still continuing. The selling pressure on Grayscale will be absorbed by other ETFs, but it will cause a large liquidation of derivatives in the short term. It is beneficial in the long run. Pay attention to the possibility of a drop at any time to buy the bottom, but the long-term selling pressure may continue for a long time.

2. Regarding the positions of Bitcoin exchanges, the inflow and outflow of chips were not obvious on Monday, and institutions have not yet recovered. The early trading was dominated by the Asian session, which shows that the Asian session has lost control. The recent outflow and inflow of chips are highly correlated with Grayscale, and are not caused by individuals.

3. Analysis of Bitcoin liquidation data chart shows small fluctuations on weekends, with attention paid to 42,000 on the top and around 41,000 on the bottom.

The Air Force's strong support level is around 41,000, and the supporting chips are about 200 million US dollars. Pay attention to this position to see the support situation, and go long if it falls back.

The first pressure position of the bulls is around 42000-42300, and the accumulated chips are 80 million US dollars. The accumulated chips of the upper pressure begin to decay, and the chips may have to test above 42500, and the chips begin to weaken.

The market is weak and volatile during the day and it is difficult to rebound strongly in a short period of time. Pay attention to the fluctuations caused by the European and American markets on Monday.

Today's technical market analysis:

The Grayscale incident is not over yet. Derivatives and spot prices have fluctuated greatly recently. From the performance of chips over the weekend, we can know that the recent sell-offs are all related to Grayscale. The control of the Asian market on Monday was not strong. Pay attention to the short-term derivative trading situation that fell below. Still pay attention to risks. The selling of Grayscale chips has not ended yet.

## Weekly level market

- The weekly market closing price did not fall below the rising channel. The first support level this week is around 40500-40000.

- After falling below 40,500 this week, the next focus will be on support around 40,000.

- If the weekly line continues to close weakly, a large-scale correction will occur and the highest liquidation liquidity may reach around 38,000.

## Daily level market

- The daily level is still a downward channel, but the market is expected to strengthen.

- The upper daily level pressure position is around 42600, and the pressure position decreases over time.

- When the daily level reaches around 42800, you can directly choose to enter the market with a short-term short order with a stop loss.

- The first support level below is around 40500, and the highest bottom support can be seen around 38000 to obtain liquidity.

Summary: There will be a rebound in the short term, the maximum valuation is 43800

The market is enough to consume the selling sentiment of Grayscale, but any decline and continuous decline in the short term gives us the opportunity to get on board. A big drop is an opportunity, and there is no chance for a big rise. Does it take 6 months to consume the last selling pressure? The actual data is that it takes about 2 to 3 months to consume it. So wait for this round of rebound to appear and then the continuous selling pressure will appear to continue to buy the bottom.

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