Grayscale Bitcoin Trust (BTC)
Investment Thesis
GBTC bounced ~28% off its 52-week low but has now printed three consecutive rejections at the $63–$64 resistance zone, with a death cross in place, MACD histogram flipping negative, and relative strength vs. SPY in a confirmed downtrend. The counter-trend bounce appears exhausted.
Catalysts to Watch
Price failed at the $63–$64 resistance zone on three separate occasions (May 5–6, May 11, May 14), MACD histogram crossed below zero on May 15, and the GBTC/SPY ratio slipped back below its 50-day moving average — all while the 50/200-day death cross remains active.
Why It May Work
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Timeline
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