Bitcoin Stands at $26,800 Amid Anticipation of SEC's Decision and Grayscale's Continued Success
Summary:
Bitcoin hovered around the $26,800 mark as the U.S. Securities and Exchange Commission considered appealing a court ruling on a Bitcoin exchange-traded fund. Experts suggested possible bullish behavior on Bitcoin based on this situation. Meanwhile, Grayscale’s flagship investment product, the Grayscale Bitcoin Trust, continued to dominate the market, promising to become a spot ETF, and displayed its smallest discrepancy from the Bitcoin spot price since December 2021.
On October 13, Bitcoin (BTC) maintained its position around the crucial $26,800 price point for another day, as U.S. regulators’ conflict with crypto investment powerhouse Grayscale approached a decisive stage. Market data from Cointelegraph Markets Pro and TradingView revealed a minimal shift in BTC price, hovering within a limited range.
Market experts are anticipating several catalysts, including the U.S. Securities and Exchange Commission's (SEC) impending decision on whether to challenge a court ruling that denied approval for a Bitcoin spot exchange-traded fund (ETF).
Michaël van de Poppe, the founder and CEO of MN Trading, commented, "Today is an important day with the SEC Appeal on the Grayscale ruling," suggesting that Bitcoin might witness an upswing in the weeks ahead if the SEC does not take action.
This comes after a string of data releases during the week revealed inflationary pressures that exceeded the anticipated market estimations. Credible Crypto, an analyst and trader, laid out a potential trajectory for BTC price, seeing reason for cautious hope.
"A clear and controlled 'stairstep' down in price...Ideally, I'd like to see these cleaned up before a reversal," the trader said, conjecturing a push to local highs followed by a rejection and sweep of lows could be a plausible way to initiate reversal.
BTC/USD is moving within a zone between two liquidity clouds, according to trader Daan Crypto Trades, who expects a significant reaction if the spot price touches any of these levels.
Meanwhile, Rekt Capital, another trader and analyst, suggested a target of $25,000 for Bitcoin if bulls fail to support significant exponential moving averages (EMAs) lost during the week.
In the meantime, as the appeal deadline loomed, Grayscale's flagship investment product, the Grayscale Bitcoin Trust (GBTC), continued to outperform the market before retracing slightly. Grayscale has confirmed that the subject of the lawsuit, GBTC, would eventually become a spot ETF.
On Oct. 11, GBTC exhibited its smallest difference from net asset value (NAV) — the Bitcoin spot price — since December 2021, but then slightly lowered, according to data from research platform CoinGlass.
This report does not provide investment advice or suggestions. Investment and trading decisions entail risk, hence, it is advised that readers carry out their personal research before making any decisions.
Published At
10/13/2023 10:51:07 AM
Disclaimer: Algoine does not endorse any content or product on this page. Readers should conduct their own research before taking any actions related to the asset, company, or any information in this article and assume full responsibility for their decisions. This article should not be considered as investment advice. Our news is prepared with AI support.
Do you suspect this content may be misleading, incomplete, or inappropriate in any way, requiring modification or removal?
We appreciate your report.