Bitcoin (BTC) prices hovered around the key $26,800 level for a second day on October 13 with a decision in US regulators’ battle with cryptocurrency investment giant Grayscale.
Bitcoin lies among major liquidity clouds
Data from Cointelegraph Markets Pro and TradingView It confirmed that the price of Bitcoin was barely changed from the previous day, as it was operating in a narrow corridor.
Bitcoin market analysts weighed potential catalysts, including the US Securities and Exchange Commission (SEC) choosing whether or not to appeal a court ruling on its refusal to allow a Bitcoin exchange-traded fund (ETF).
“Today is an important day with the SEC’s appeal of the Grayscale ruling,” said Michael Van de Poppe, Founder and CEO of MN Trading. books In part of X’s (formerly Twitter) post.
“If nothing happens, we may see a situation where Bitcoin reverses higher in the coming weeks. I am long.”
Macro data prints were due to take a break after a series of releases throughout the week, all of which showed inflation to be firmer than the market had expected.
Summarizing BTC’s likely price path from here, popular trader and analyst Credible Crypto saw reason for modest optimism.
“We have a very clear and seemingly disciplined move to lower the price here. Point out the low time frame breakdowns, retest, and continue.” to explain Next to the chart.
“We have left behind equal lows just below us, so I would like to see these levels clear before reversing. Considering that we have stacked bids above and below us, a push into local highs in bids is followed by rejection and a sweep of the lows in local bids and bids.” “Seems like the perfect way to form a reversal here. Let’s see how things develop.”
Fellow trader Daan Crypto Trades noted that the BTC/USD price is moving within an area between two liquidity clouds, with a reaction more likely if the spot price reaches either.
#Bitcoin Filter map
Large areas are priced at $26.5k and $27k. We expect some kind of pressure to occur in those areas. pic.twitter.com/VW6YYPkMe4
— Dan Crypto Trades (@DaanCrypto) October 13, 2023
Meanwhile, trader and analyst Rekt Capital put a $25,000 target on Bitcoin if the bulls fail to reclaim the exponential moving averages (EMAs) lost during the week.
— Rekt Capital (@rektcapital) October 12, 2023
GBTC regains more lost ground
Ahead of the appeal deadline, Grayscale’s flagship investment fund, Grayscale Bitcoin Trust (GBTC), continued to outperform.
Related: Did SBF Really Use FTX Traders’ Bitcoin to Keep BTC Price Below $20K?
Grayscale said the focus of the legal action is that GBTC will end up as an exchange-traded fund, with an early victory for the company as it saw its fortunes turn around during the second quarter.
On October 11, GBTC achieved its smallest discount to net asset value – the spot price of bitcoin – since December 2021.
The discount, which is technically a negative premium, reached -16.44% before falling slightly, per Data From CoinGlass Resource Monitor.
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