Bitcoin. lingered near $16,500 at the Nov. 23 Wall Street open as United States markets awaited Thanksgiving cues.
BTC/USD 1-hour candle chart (Bitstamp). Source: TradingView
Grayscale, GBTC still dominate crypto mood
Data from Cointelegraph Markets Pro and TradingView showed BTC/USD shunning volatility after fresh two-year lows the day prior.
The pair left analysts guessing the day before U.S. markets closed for the Thanksgiving holiday, with crypto commentators still focused on Digital Currency Group (DCG).
Potential liquidity problems with DCG-owned Genesis Trading continued to agitate those already expecting further losses across Bitcoin and altcoins.
As Cointelegraph reported, concerns had already spread to doubt the future of the Grayscale Bitcoin Trust (GBTC), the largest Bitcoin institutional investment vehicle with assets under management worth over $10 billion.
On Nov. 22, ex-Grayscale CEO Barry Silbert released a letter to DCG shareholders, widely shared on social media, seeking to shore up morale.
“Not sure how to interpret the mixed reports around DGC, GENESIS, Grayscale, but Barry Silbert’s letter yesterday gave the crypto market some hopium,” analytics resource Material Indicators wrote in part of a Twitter thread on the day.
It added that announcements on GBTC could nonetheless come after hours in a potential volatility catalyst.
An accompanying chart of buy and sell pressure on the largest global exchange Binance showed strong resistance in place at just below $17,000.
On the buy side, only $15,000 presented any solid support at the time of writing, with the bulk at $14,000.
Source : cointelegraph.com/news/btc-price-holds-16k-as-analyst-says-bitcoin-fundamentals-unchanged by Cointelegraph By William Suberg - November 23, 2022