Bitcoin Price Falls Under $33k, but on-Chain Data Hints at BTC Accumulation

Bitcoin price falls under $33,000, but on-chain data hints at BTC accumulation.

As the pressures put on the market by China's crypto crackdown start to subside. And the BTC hashrate also begins to show signs of recovery.

More so, traders are now focused on how the price will be moved by this week's unlocking of more than $550 million worth of Grayscale's GBTC shares.

According to data from TradingView, the early morning downtrend in BTC on July 12 remained till now as the price of BTC fell below the $33,000 support level after bears took control of the market.

Recently, Grayscale attracted further attention after various media reported that the firm has openly filed 3 forms 10 registration statements with the US Securities and Exchange Commission (SEC).

In addition, it brings the amount of publicly listed trusts managed by Grayscale to five, with the trusts for Bitcoin Cash (BCH), Ethereum Classic (ETC), and Litecoin (LTC) joining the previously filed trusts for BTC and ETH.

Moreover, the BTC hashrate shows signs of recovery. According to CoinMarketCap, Bitcoin is trading at $33,178.92 at the time of writing.