Bitcoin Funds Bounce Back as Grayscale Leads Charge into Buy Zone
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Grayscale Bitcoin Trust (GBTC) bounced back into a buy zone, its first since October, signaling a bullish turnaround for bitcoin ETFs.
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GBTC climbed over 6% on Friday, rebounding from a 2-week slump along with other bitcoin ETFs.
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GBTC broke out of a base past a 21.88 buy point on Oct. 16. The new buy zone is from 35.45 to 39.
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Rival bitcoin ETFs launched this month also track the same asset, so the bullish price action applies across bitcoin funds.
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Grayscale charges higher fees than rivals, but sees heavy trading volume, second only to IShares Bitcoin Trust (IBIT).