{"id":62721,"date":"2023-10-13T11:41:31","date_gmt":"2023-10-13T11:41:31","guid":{"rendered":"https:\/\/egrowonline.com\/?p=62721"},"modified":"2023-10-13T11:41:31","modified_gmt":"2023-10-13T11:41:31","slug":"bitcoin-price-gets-new-25k-target-as-sec-decision-day-boosts-gbtc","status":"publish","type":"post","link":"http:\/\/egrowonline.com\/?p=62721","title":{"rendered":"Bitcoin price gets new $25K target as SEC decision day boosts GBTC"},"content":{"rendered":"


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Bitcoin (BTC<\/a>) ranged around the key $26,800 mark for a second day on Oct. 13 with a decision due in United States regulators\u2019 battle with crypto investment giant Grayscale.<\/p>\n

BTC\/USD 1-hour chart. Source: TradingView<\/em><\/figcaption><\/figure>\n

Bitcoin lurks between major liquidity clouds<\/h2>\n

Data from Cointelegraph Markets Pro<\/a> and TradingView<\/a> confirmed BTC price barely changed from the day prior, acting in a narrow corridor.<\/p>\n

Bitcoin market analysts weighed potential catalysts, among these the U.S. Securities and Exchange Commission, (SEC) choosing whether or not to appeal<\/a> a court ruling over its refusal to allow a Bitcoin spot exchange-traded fund (ETF).<\/p>\n

\u201cToday is an important day with the SEC Appeal on the Grayscale ruling,\u201d Micha\u00ebl van de Poppe, founder and CEO of MN Trading, wrote<\/a> in part of an X post. <\/p>\n

\u201cIf nothing happens, we might be seeing a case where Bitcoin reverses upwards in the coming weeks. I’m positioned long.\u201d<\/p><\/blockquote>\n

BTC\/USD annotated chart. Source: Micha\u00ebl van de Poppe\/X<\/em><\/figcaption><\/figure>\n

Macro data prints were due to take a break, following a series of releases through the week, which all showed inflation more persistent<\/a> than market expectations had predicted.<\/p>\n

Summarizing possible BTC price trajectory from here, popular trader and analyst Credible Crypto saw cause for modest optimism.<\/p>\n

\u201cWe have a very clear and seemingly controlled \u2018stairstep\u2019 down on price here. Clear low timeframe breakdowns, retests, and continuation,\u201d he explained<\/a> alongside a chart.<\/p>\n

\u201cWe are leaving behind equal lows right below us, so ideally I’d like to see these cleaned up before a reversal. Considering we have bids stacked above and below us, a push to the local highs into asks followed by a rejection and sweep of our lows into the waiting bids and local demand seems like the perfect way to form a reversal here. Let’s see how things develop.\u201d<\/p><\/blockquote>\n

BTC\/USD annotated chart. Source: Credible Crypto\/X<\/em><\/figcaption><\/figure>\n

Fellow trader Daan Crypto Trades noted BTC\/USD moving within a zone between two liquidity clouds, with a reaction more likely should spot price reach either one.<\/p>\n

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#Bitcoin<\/a> Liquidation Map <\/p>\n

Big zones at $26.5K & $27K. Would expect some sort of ssqueeze to occur at those areas. pic.twitter.com\/VW6YYPkMe4<\/a><\/p>\n

\u2014 Daan Crypto Trades (@DaanCrypto) October 13, 2023<\/a><\/p><\/blockquote>\n

Trader and analyst Rekt Capital meanwhile placed a target of $25,000 on Bitcoin should bulls fail to reclaim exponential moving averages (EMAs) lost through the week.<\/p>\n

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#BTC<\/a> <\/p>\n

Needs to reclaim at least one of these EMAs as support to avoid a drop into the $25k-$26k area$BTC<\/a> #Crypto<\/a> #Bitcoin<\/a> pic.twitter.com\/ywRkdM07uw<\/a><\/p>\n

\u2014 Rekt Capital (@rektcapital) October 12, 2023<\/a><\/p><\/blockquote>\n

GBTC claws back more lost ground<\/h2>\n

Ahead of the appeal deadline, Grayscale\u2019s flagship investment fund, the Grayscale Bitcoin Trust (GBTC), continued to outperform.<\/p>\n

Related:\u00a0Did SBF really use FTX traders\u2019 Bitcoin to keep BTC price under $20K?<\/a><\/em><\/strong><\/p>\n

The focus of the legal proceedings, GBTC will end up as a spot ETF, Grayscale has said, with an early victory for the firm seeing its fortunes turn around through Q2<\/a>.<\/p>\n

On Oct. 11, GBTC hit its smallest discount to net asset value \u2014 the Bitcoin spot price \u2014 since December 2021.<\/p>\n

The discount, technically a negative premium, reached -16.44% before dipping slightly lower, per data<\/a> from monitoring resource CoinGlass.<\/p>\n

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GBTC premium vs. asset holdings vs. BTC\/USD chart (screenshot). Source: CoinGlass<\/em><\/figcaption><\/figure>\n

This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.\n<\/p>\n<\/div>\n


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Bitcoin (BTC) ranged around the key $26,800 mark for a second day on Oct. 13 with a decision due in United States regulators\u2019 battle with crypto investment giant Grayscale. BTC\/USD 1-hour chart. Source: TradingView Bitcoin lurks between major liquidity clouds Data from Cointelegraph Markets Pro and TradingView confirmed BTC price barely changed from the day […]<\/p>\n","protected":false},"author":1,"featured_media":62722,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":"","jetpack_publicize_message":"","jetpack_publicize_feature_enabled":true,"jetpack_social_post_already_shared":true,"jetpack_social_options":{"image_generator_settings":{"template":"highway","enabled":false}}},"categories":[37],"tags":[6367,50,1889,88,1705,5952,195,605,182],"class_list":["post-62721","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-bitcoin","tag-25k","tag-bitcoin","tag-boosts","tag-day","tag-decision","tag-gbtc","tag-price","tag-sec","tag-target"],"jetpack_publicize_connections":[],"jetpack_sharing_enabled":true,"jetpack_featured_media_url":"http:\/\/egrowonline.com\/wp-content\/uploads\/2023\/10\/c5198f79-8b3b-4278-8f61-be5f883251d7.jpg","_links":{"self":[{"href":"http:\/\/egrowonline.com\/index.php?rest_route=\/wp\/v2\/posts\/62721","targetHints":{"allow":["GET"]}}],"collection":[{"href":"http:\/\/egrowonline.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"http:\/\/egrowonline.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"http:\/\/egrowonline.com\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"http:\/\/egrowonline.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=62721"}],"version-history":[{"count":1,"href":"http:\/\/egrowonline.com\/index.php?rest_route=\/wp\/v2\/posts\/62721\/revisions"}],"predecessor-version":[{"id":62723,"href":"http:\/\/egrowonline.com\/index.php?rest_route=\/wp\/v2\/posts\/62721\/revisions\/62723"}],"wp:featuredmedia":[{"embeddable":true,"href":"http:\/\/egrowonline.com\/index.php?rest_route=\/wp\/v2\/media\/62722"}],"wp:attachment":[{"href":"http:\/\/egrowonline.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=62721"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"http:\/\/egrowonline.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=62721"},{"taxonomy":"post_tag","embeddable":true,"href":"http:\/\/egrowonline.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=62721"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}