Market Momentum Shifts: Grayscale Launches Bitcoin Adopters ETF and Glassnode Flags Structural Reset for BTC
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Grayscale Debuts Bitcoin Adopters ETF, Glassnode Flags Structural Reset for BTC
In a significant move, Grayscale has launched its new Bitcoin Adopters ETF, providing investors with exposure to the largest cryptocurrency by market capitalization. This development comes as Glassnode flags a structural reset for BTC, suggesting that the market may be on the cusp of a major upswing.
The introduction of this ETF is expected to increase demand for bitcoin, potentially driving prices higher. Grayscale’s adoption of this new product further validates the growing mainstream acceptance of cryptocurrency investments.
Meanwhile, Glassnode’s metrics suggest that investor stress has eased significantly, with the majority of holders now in profit. This shift in sentiment could lead to a prolonged upward trend, potentially taking bitcoin above key resistance levels at $97,454 and $100,311.
While some traders are cautious about potential selling pressure around these areas, others are anticipating a major move higher if this level is cleared. The MACD line (blue) on the daily chart has begun to curve upward after a shallow bearish crossover, suggesting that momentum may be shifting in favor of buyers.
In addition, the RSI has bounced off the 50 zone and is currently at 58.13, indicating renewed buying strength without being overbought. If the MACD line crosses back above the signal line (orange), it would confirm a significant shift to the upside, potentially paving the way for new highs.
The Fibonacci levels also suggest that breaking out past $97.5K could send bitcoin into a low-resistance vacuum, opening up the possibility of reaching $100K or beyond.
Source: https://www.coinspeaker.com/grayscale-debuts-bitcoin-adopters-etf/
