Bitcoin Price Gets New $25K Target As SEC Raises GBTC Decision Day
Bitcoin (BTC) rallied around the key $26,800 mark for a second day on October 13 as US regulators battled with crypto investment giant Greyscale.
Bitcoin is hidden among the main liquid clouds
Data from Cointelegraph Markets Pro and TradingView confirmed that the price of BTC has not changed much since the previous day, which is in a narrow corridor.
Bitcoin market analysts weigh potential incentives, including whether or not to appeal a court decision by the US Securities and Exchange Commission (SEC) to ban bitcoin spot exchange-traded funds (ETFs).
“Today is an important day with the SEC appeal,” MN Trading founder and CEO Michael Van de Pop said in a post on X (formerly Twitter).
“If nothing happens, we may be seeing a Bitcoin reversal in the coming weeks. My position is long.”
Macro data publications were set to take a break after a series of releases during the week, all of which showed that inflation was more durable than market expectations.
Summarizing the potential BTC price trajectory from this, prominent trader and analyst TrustyCrypt expressed modest optimism.
Here we have a very clear and controlled ‘level' on price. Clear minimum time limit gaps, retries and continuity,” he explained with a chart.
“We're going to leave some equally low spots below us, so ideally I'd like to see these cleared before we flip. Given that we have bids stacked above and below us, it looks like the right way to reverse here is to higher asking pressure in the area and lower prices to our expected bids and domestic demand. Let's see how things develop.
Affiliate trader Daan CryptoTrades noted that BTC/USD is moving in a zone between two liquid clouds, reacting to the spot price reaching one.
#Bitcoin liquidity map
Large zones at $26.5K and $27K. Some compression is expected in those areas. pic.twitter.com/VW6YYPkMe4
— Dan Crypto Trading (@DanCrypto) October 13, 2023
Trader and analyst Rect Capital has set a target of $25,000 on Bitcoin if the bulls fail to recover the EMAs lost in the week.
#BTC
$BTC around $25k-$26k #Crypto #Bitcoin needs to retrace at least one of these EMAs as support pic.twitter.com/ywRkdM07uw
— Rekt Capital (@rektcapital) October 12, 2023
GBTC will further recover the lost ground
Ahead of the appeal deadline, Greyscale's flagship investment fund, the Greyscale Bitcoin Trust (GBTC), continued to perform.
Related: Did SBF Really Use FTX Traders' Bitcoin To Keep BTC Price Under $20K?
The focus of the legal process, GBTC ends as a spot ETF, according to Grayscale, is an early win as the firm sees its assets turn around through Q2.
On October 11, GBTC hit the smallest drop in its asset value since December 2021 – the Bitcoin spot price.
The discount, technically a negative premium, reached -16.44% before easing slightly, according to data monitored by CoinGlass.
This article does not contain investment advice or recommendations. Every investment and business activity involves risk, and readers should do their own research when making a decision.
