Bitcoin saw an explosion of growth in terms of its price over the holiday weekend most notably the day after Christmas where spot markets saw a nearly $2,000 increase. This weekend rally caused a massive gap in the CME’s futures chart of nearly $3,000 to appear upon opening today.
After breaching previous record highs by $4,000 Bitcoin seems to be losing momentum. A retracement of some sort is likely, the most important question is “will the $20,000 level serve as support?”
Although we had broken the all-time high in Bitcoin futures on both the last day of November and the first day of December both of these higher highs barely beat out the previous highs from 2017 and were only achieved on an intra-day basis. Today however there was a clear and decisive break-out taking Bitcoin to all new territory.
With many traders flocking to the world's larger than life cryptocurrency many investors of small scale have turned to the Greyscale Bitcoin Trust, to fulfill their demands. Greyscale otherwise known as GBTC its ticker symbol has become a popular tool for both small-scale and institutional level entry into the growing Bitcoin market.
