BTC hovers between $ 32,000 while the market waits to unlock a GBTC

BTC is hovering amid $ 32,000 with increased volatility nearing the crypto market, and traders are awaiting the biggest GBTC unlock over 16,000 to take place today, July 18, as we did in our latest Bitcoin news can see more.

With Bitcoin price trading in the $ 32,000 range, all eyes are on today’s largest GBTC unlock with over 16,000 bitcoins. On the flip side, several altcoins have rallied since the recent drop in prices, with DOGE up 9% in 24 hours. After topping $ 33,000, BTC moved around $ 32,000 in value and lost over $ 2,000 in one day. The bulls’ unsuccessful attempt at recovery resulted in another decline and this time the cryptocurrency hit a three-week low. The trading volume will remain low in the next few days and BTC was also unable to compensate for the majority of the losses. It started a couple of abrupt upswings and broke the $ 32,000 mark but fell below that level shortly afterwards.

The fascinating thing that will happen today will be leading digital asset manager Grayscale and especially its GBTC Trust.

As previously reported, the crypto market lost over $ 210 billion in two days as Bitcoin fell to a new low of $ 32,000 and problems continued with a further slide to new lows below $ 32,000. Altcoins are in the red with ETH and BC trading below $ 2000 and $ 300, respectively, and trading volumes were minimal over the weekend, with the price of the major cryptocurrency rising. It rose from $ 33,000 to $ 35,000. However, by this point the bears have regained control and will not allow a breakout. On the contrary, they pushed BTC south, as reported a day ago.

BTC fell to $ 33,000 and then tried to recover, but the situation got worse. The asset continued to fall, breaking below $ 32,000 for the first time since June, hitting a low of $ 31,650. This is the lowest line in 17 days and although BTC’s market cap regained a few hundred dollars over the next few hours, BTC’s market cap has fallen below $ 600 billion while its dominance is growing 46% due to bloodbaths among other altcoins.

Bitcoin’s price is expected to rebound shortly after falling 25% in Bitfinex’s stock market crash later this year. Bitcoin bears should be on the lookout for a potential blow as the number of margin short positions on Bifinex drops by 25%. The record fell to 11,066 BTC on Saturday from 14,897 BTC at the start of the session. Meanwhile, the decline came as part of a larger downward move that began on July 15th as the total number of trade short positions reached 17,053 BTC during the day.

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