On October 13, Bitcoin (BTC) remained steady around the crucial $26,800 level for a second consecutive day as United States regulators prepared to make a decision in their ongoing battle with crypto investment giant Grayscale.
Data from Cointelegraph Markets Pro and TradingView indicated that Bitcoin’s price exhibited minimal change from the previous day, trading within a narrow range.
Analysts closely monitored several potential catalysts, including the pending decision by the U.S. Securities and Exchange Commission (SEC) regarding the appeal of a court ruling related to its refusal to approve a Bitcoin spot exchange-traded fund (ETF).
Michaël van de Poppe, the founder and CEO of MN Trading, emphasized the significance of the day, stating in a social media post, “Today is an important day with the SEC Appeal on the Grayscale ruling.
If nothing happens, we might be seeing a case where Bitcoin reverses upwards in the coming weeks. I’m positioned long.”
Amidst a week filled with economic data releases that consistently revealed higher-than-expected inflation, macroeconomic data releases were taking a temporary break.
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Renowned trader and analyst Credible Crypto expressed cautious optimism about Bitcoin’s future price trajectory, highlighting a pattern of controlled price declines and suggesting that a reversal might occur once certain levels were cleared.
Meanwhile, trader Daan Crypto Trades observed Bitcoin moving within a range defined by two liquidity levels, anticipating a reaction should the spot price reach either boundary.
Trader and analyst Rekt Capital set a price target of $25,000 for Bitcoin if bulls failed to regain lost exponential moving averages (EMAs) during the week.
Leading up to the appeal deadline, Grayscale’s flagship investment fund, the Grayscale Bitcoin Trust (GBTC), continued to perform well.
Grayscale anticipated that the ongoing legal proceedings would result in GBTC becoming a spot ETF. An early victory for the company in Q2 had already boosted its fortunes. ]
On October 11, GBTC reached its narrowest discount to the net asset value (NAV), which equates to the Bitcoin spot price, since December 2021.
The discount, technically a negative premium, bottomed out at -16.44% before slightly decreasing, as reported by CoinGlass, a monitoring resource.
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