24/05/25BTC fills the gap and will hit the previous high again. If the Ethereum ETF is fully passed, it will become bearish!
Bitcoin filled the 67200 gap and rebounded. It is currently under pressure from the 4-hour downward trend line. Wall Street is closed on Saturday and Sunday and trading volume is sluggish. If it can break upward over the weekend, the market will be very strong and the market makers will be anxious. If it cannot break through over the weekend, we will have to wait and see next week. I also said yesterday that we still expect the rebound wave 5 to continue to hit 72000. If it cannot break through effectively, we will see a correction.
Grayscale previously held a total of 630,000 BTC and 3 million ETH. After the BTC spot ETF was approved, it has been selling GBTC, a total of 326,300 coins were sold from January 11th to May 15th before there was an inflow and it will continue to sell in the future. Currently, the ETH spot ETF has not yet been fully approved and is expected to take a few weeks, so everyone should pay attention that Grayscale will definitely sell it when it is officially approved.
The cost of GETH is 400-500U, which is already nearly 10 times the premium at present. The liquidity is poor, and the Grayscale fee is 3-4 times higher than the ETF rate. Naturally, some people will sell it, which leads to Grayscale users selling GBTC and Grayscale selling Bitcoin at the same time > using the sold US dollars to cash out to users, so the same will also appear on GETH.
Flatbread
The callback after the Bitcoin price hit 72000 is still within the 4-hour rising channel, and is currently just below the downward trend line. If it breaks upward, it is still expected to rebound and test the secondary pressure of 70000-72000 again.
Previously, we have been paying attention to the negative correlation between the US dollar index and Bitcoin. The US dollar has generally moved out of the upward channel on a daily basis, and is currently still in a downward trend on a daily basis. The US dollar index is still oscillating within the entire box. If the daily downward trend can be broken, it may lead to an increase in Bitcoin. Otherwise, it will be difficult to break through at present.
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ether
On May 21, a big positive line rose and then the cross star oscillated for four consecutive days. This is still a strong performance. The probability of breaking through the previous high of 4093 next week has increased. On May 24, the 4-hour 400-point pin-in closed with a cross star. It will not fall below this bottom in a short time or there will be strong support here if it rises and falls back. Continuing yesterday's thinking, we can see a volatile rebound upward. You can pay attention to some varieties with strong rebounds or daily and weekly breakthroughs...
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