Bitcoin price is stuck in a tight range but CHZ and QNT received an offer last week. One of the prominent names under suspicion is Grayscale Bitcoin Trust (GBTC), whose discounting of the Bitcoin price has reached a record level of around 50%. Traders hate uncertainty and avoid investing during these periods. That could be one of the reasons for the lack of buying interest in Bitcoin even after the sharp drop in price. The stock-to-flow (S2F) model, which gained popularity during the bullish phase, has come under increasing criticism after the deviation between Bitcoin’s price and its predicted price reached unprecedented levels. The price of the asset is down by around 3% while the volume has swelled by more than 67%. BTC dominance at present is 38.8%.
At the time of writing, BTC was trading at $16,025.
BTC after breaking and closing below the long-held support of $17,500 – $18,000 made the low of $15,500. Post this move, the asset started consolidating in a very narrow range from $16,000 to $17,250. However, the bulls faced stiff resistance and were not able to push the prices above the key level of $17,500-$18,000. If BTC breaks and sustains below $15,500 then it can further fall to $12k levels and to witness a relief rally it needs to break and close above $17,550.
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