Bitcoin gains almost 5% as Grayscale's selling pressure weakens 📈

The largest cryptocurrency is trading near $41,800 and managed to stop the downward momentum, near $39,500. Optimism is also evident in the listings of smaller cryptocurrencies, as well as crypto-related listed companies. Shares of Coinbase (COIN.US) are gaining nearly 3%, while Microstrategy (MSTR.US) is up nearly 9%.

The rebound can be linked to the decreasing selling pressure from the Grayscale fund, as signaled yesterday by analysts at Bloomberg Intelligence, as well as J.P. Morgan.
On the other hand, the news of the sell-off of $130 million worth of Bitcoin reserves seized by the U.S. government, following the Silk Road scandal, failed to negatively affect investor sentiment, signaling a potential advantage for buyers.
The SEC dismissed BlackRock's application, in the first term, to create a spot Ethereum ETF, but this did not negatively affect the price of the cryptocurrency, which is gaining more than 2% on Bitcoin's rebound.

Bitcoin (D1 Interval)

Bitcoin is posting sizable gains today, which with its range broke through the barrier set by the 50-day exponential moving average (blue curve). Source: xStation5

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Crypto

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