Market Lab Report - Bitcoin/GBTC update

Published:

17 Feb 2021 05:40 ET

Bitcoin's breakout through its 50,000 level represented by a close above the uptrending line on a 4-hour chart was finally achieved on Wednesday 2-17-21.

This will positively impact the price of GBTC. That said, we did get a consolidation around 2 am GMT on Monday 2-15-21 with bitcoin losing $4000 in a couple hours. The market has since bounced and futures funding levels have nicely reset. When funding gets overheated, this is often a major headwind for further advancement in the price of bitcoin. The last time funding levels spiked was in early January. Bitcoin then had a major -31.4% correction. This time, the reset is looking to have happened much faster. The Grayscale effect which is the bullish price action on spot prices after major unlocking of GBTC shares, remains bullish, and on-chain indicators continue to look healthy. Ethereum remains in spitting distance of 2,000.

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