Bitcoin Price Analysis: Cathie Wood’s ARK Bought More Shares of GBTC Trust That Fell on Tuesday

  • Cathie Wood’s ARK Invest bought 140,157 Grayscale Bitcoin Trust shares for Generation Internet ARK Next ETF on Tuesday.
  • The price trend of Bitcoin is in an uptrend of 3.1% during the intraday trading session
  • Bitcoin’s 24-hour trading volume is 22.304 billion US dollars
Source: BTC/USD on TradingView

Cathie Wood has shown that his confidence is still strong by buying Bitcoin again at the bottom of the dip.  The daily technical chart of Bitcoin price movements predicts the upward trend. According to the pivot point (FIB), the key support levels for BTC are $30665 and $27842. Conversely, if it goes up, the resistance level to watch is $35,150. Therefore, although the chart forms a bullish Harami candlestick pattern within the day, it is predicted that the price may quickly reverse and rise, with medium reliability.

The exponential moving average (EMA) composed of 50,100,200-EMA can be a reliable support for the changes in the token price. Investors can see that the price is below the orange line, which guarantees the current downtrend, so the bears will confirm the downtrend of BTC as the price stays below the EMA-200.

Volume of (2.00K) is below the MA of 20-days (6.911K). Buying pressure is moderate in Bitcoin, making its price remain near the support zone. Investors may also observe that the volume bars on the chart are decreasing, which indicates that large volatility is expected in the upcoming trading session.

A Stochastic RSI (oversold) value of K-14 D-10 indicates a sell signal for the currency. Investors may observe a steep slope and positive crossing in the index. prices can rebound from the negative zone in future trading sessions.

Cathie Wood Proved That Her Conviction is Still Firm by Buying Bitcoin Again at The Dip

Source: ark-funds.com

According to daily transaction records, Cathie Wood’s ARK Invest purchased 140,157 shares of Grayscale Bitcoin Trust for its Generation Internet ARK Next ETF on Tuesday. Prior to this, the well-known asset management company increased its holdings of 310,000 GBTC shares on Monday.

Ark’s next-generation Internet ETF mainly provides exposure to technologies such as artificial intelligence, big data, deep learning, and blockchain. It currently has 9 million GBTC shares and a total market value of US$216 million. Grayscale’s crown jewel stock is currently its eighth largest holding.

The ETF also owns Coinbase stock worth $234 million. Earlier this week, it increased its exposure to the largest cryptocurrency exchange in the United States. Tesla, Twitter, and Shopify remain the top three holdings of this widely tracked exchange-traded fund.

ARK Investments recent cryptocurrency purchases were made in the context of a major market correction. Bitcoin fell to $29,293 on July 20, which was the lowest level in nearly a month, dragging down other markets. As reported by TheMarketPeriodical. Wood recently predicted that the biggest in the long run, cryptocurrencies may eventually reach $500,000.

Resistance: $42.5K

Support: $30K

News Source