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Bitcoin Retests $40k as Grayscale Adds 2,172 BTC to its Bags

Quick take:

Bitcoin’s $30k – $32k heldBitcoin has just retested $40k and looks ready to push furtherThis comes after Grayscale added 2,172 BTC to its bags in the last 24 hoursInstitutional buying of Bitcoin is back in high gear with the new yearHowever, a move back down by Bitcoin cannot be dismissed

The King of Crypto –  Bitcoin (BTC) – has shrugged off calls for a correction by consecutively reclaiming the $36k and $38k support areas to retest $40k. At the time of writing, Bitcoin is trading at $39,700 after the $30k to $32k support zone held well in the fast half of the week.

The latter support zone will be one to watch on a macro level as Bitcoin attempts to break its most recent all-time high of $42k.

Mainstream Media Was Quick to Call a Bitcoin Bear Market

The dip by Bitcoin to $30k levels was a massive 26% dip from $41k that resulted in mainstream media, such as CNN, declaring that BTC was now in a bear market. Below is a screenshot of the headline by CNN declaring a Bitcoin trend reversal into bear territory.

Bitcoin Retests $40k as Grayscale Adds 2,172 BTC to its Bags 17

Grayscale Adds 2,172 BTC to its Bags

However, CNN had not factored in that institutional demand was still in high gear as Grayscale has just added 2,172 BTC to its bags in the last 24 hours. The addition of 2,172 Bitcoin by Grayscale was first highlighted by the team at Bybt.com via the following tweet.

Grayscale is back!Grayscale gains another 2172 #BTC in 24 hours. Their total AUM now $26.39 billion.

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