After declining as low as $8,600 on May 25, Bitcoin is currently gathering upward momentum and hit near $9,500, representing a 3.5% gain on 1 day. With the price breaking out once again, there is a confluence of signs suggesting BTC could rally past its monthly high of $10,000 in the near future.
Grayscale Bitcoin Trust (GBTC) has been racking up the number of BTC it has purchased since the third Bitcoin halving. Between May 12 and May 18, the week following the halving, Grayscale Bitcoin Trust acquired 12,021.15320371 bitcoins representing $112,336,936, according to Grayscale Investments’ filing with the U.S. Securities and Exchange Commission (SEC).