Bitcoin Witnesses Brief Uptick as Overall Crypto Market Turns Green

• At the time of writing, Bitcoin is trading at $37,400, up 2.59% in the last 24 hours.
• The bulls are eyeing to break over the $38,000 level, despite multiple failed attempts.

Grayscale has filed a fresh prospectus for its ambitions to transform its Bitcoin Trust into a spot Bitcoin ETF after a meeting with the United States SEC. The prospective rebranding of GBTC’s ticker was disclosed in a fresh prospectus submitted on November 22.

Grayscale’s updated filing contains revisions and adjustments to the risk elements and disclosures, condensed from its prior submission. The decision was made after a discussion between Grayscale’s management, legal counsel, and the U. S SEC.

The amount of Bitcoin in circulation that was last active on-chain at least a year ago has hit an all-time high of 70.35%, according to statistics recorded by Glassnode. The previous high was 69.35% in July.

Moreover, Bitcoin’s hash rate has hit an all-time high (ATH), showing the network’s greater resiliency ahead of next year’s much-anticipated halving event. This means that Bitcoin mining hardware throughout the globe is completing 491 quintillion hash operations per second, as reported by Blockchain.com on Wednesday.

Bulls Striving Hard

Although the United States has been applying regulatory constraints on the crypto sector, it has remained largely steady. At the time of writing, Bitcoin is trading at $37,400, up 2.59% in the last 24 hours as per data from CoinMarketCap. Moreover, the trading volume is down 21.73%. The price found support at $36,880 yesterday, after which it started a brief rebound.

The bulls are eyeing to break over the $38,000 resistance level, despite multiple failed attempts. If the price manages to go above $37,900 level then it will rise towards $39,010 resistance level. However, if the price falls below $36,120 level then it will likely test $35,240 support level.