Bitcoin price gets new $25K target as SEC decision day boosts GBTC

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<p>Bitcoin (BTC) ranged around the key $26,800 mark for a second day on Oct. 13 with a decision due in United States regulators’ battle with crypto investment giant Grayscale.</p>
<figure><img decoding="async" src="https://s3.cointelegraph.com/uploads/2023-10/7b3567da-22a7-40e9-9e8a-30cba1942385.png" /><figcaption><em>BTC/USD 1-hour chart. Source: TradingView</em></figcaption></figure>
<h2>Bitcoin lurks between major liquidity clouds</h2>
<p>Data from Cointelegraph Markets Pro and TradingView confirmed BTC price barely changed from the day prior, acting in a narrow corridor.</p>
<p>Bitcoin market analysts weighed potential catalysts, among these the U.S. Securities and Exchange Commission, (SEC) choosing whether or not to appeal a court ruling over its refusal to allow a Bitcoin spot exchange-traded fund (ETF).</p>
<p>“Today is an important day with the SEC Appeal on the Grayscale ruling,” Michaël van de Poppe, founder and CEO of MN Trading, <a href="https://twitter.com/CryptoMichNL/status/1712744162922250374" target="_blank" rel="noopener nofollow">wrote</a> in part of an X post. </p>
<blockquote><p>“If nothing happens, we might be seeing a case where Bitcoin reverses upwards in the coming weeks. I’m positioned long.”</p></blockquote>
<figure><img decoding="async" src="https://s3.cointelegraph.com/uploads/2023-10/7972ae82-a59c-49ff-9b14-b56bc47b8033.png" /><figcaption><em>BTC/USD annotated chart. Source: Michaël van de Poppe/X</em></figcaption></figure>
<p>Macro data prints were due to take a break, following a series of releases through the week, which all showed inflation more persistent than market expectations had predicted.</p>
<p>Summarizing possible BTC price trajectory from here, popular trader and analyst Credible Crypto saw cause for modest optimism.</p>
<p>“We have a very clear and seemingly controlled ‘stairstep’ down on price here. Clear low timeframe breakdowns, retests, and continuation,” he <a href="https://twitter.com/CredibleCrypto/status/1712711636308443542" target="_blank" rel="noopener nofollow">explained</a> alongside a chart.</p>
<blockquote><p>“We 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.”</p></blockquote>
<figure><img decoding="async" src="https://s3.cointelegraph.com/uploads/2023-10/d8b1d1cf-199b-42a0-b836-abc7ec1e8a20.jpeg" /><figcaption><em>BTC/USD annotated chart. Source: Credible Crypto/X</em></figcaption></figure>
<p>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>
<blockquote>
<p lang="en" dir="ltr"><a href="https://twitter.com/hashtag/Bitcoin?src=hash&amp;ref_src=twsrc%5Etfw">#Bitcoin</a> Liquidation Map </p>
<p>Big zones at $26.5K &amp; $27K. Would expect some sort of ssqueeze to occur at those areas. <a href="https://t.co/VW6YYPkMe4">pic.twitter.com/VW6YYPkMe4</a></p>
<p>— Daan Crypto Trades (@DaanCrypto) <a href="https://twitter.com/DaanCrypto/status/1712766627106689472?ref_src=twsrc%5Etfw">October 13, 2023</a></p></blockquote>
<p>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>
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<p lang="en" dir="ltr"><a href="https://twitter.com/hashtag/BTC?src=hash&amp;ref_src=twsrc%5Etfw">#BTC</a> </p>
<p>Needs to reclaim at least one of these EMAs as support to avoid a drop into the $25k-$26k area<a href="https://twitter.com/search?q=%24BTC&amp;src=ctag&amp;ref_src=twsrc%5Etfw">$BTC</a> <a href="https://twitter.com/hashtag/Crypto?src=hash&amp;ref_src=twsrc%5Etfw">#Crypto</a> <a href="https://twitter.com/hashtag/Bitcoin?src=hash&amp;ref_src=twsrc%5Etfw">#Bitcoin</a> <a href="https://t.co/ywRkdM07uw">pic.twitter.com/ywRkdM07uw</a></p>
<p>— Rekt Capital (@rektcapital) <a href="https://twitter.com/rektcapital/status/1712599046529876320?ref_src=twsrc%5Etfw">October 12, 2023</a></p></blockquote>
<h2>GBTC claws back more lost ground</h2>
<p>Ahead of the appeal deadline, Grayscale’s flagship investment fund, the Grayscale Bitcoin Trust (GBTC), continued to outperform.</p>
<p><strong><em>Related: Did SBF really use FTX traders’ Bitcoin to keep BTC price under $20K?</em></strong></p>
<p>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.</p>
<p>On Oct. 11, GBTC hit its smallest discount to net asset value — the Bitcoin spot price — since December 2021.</p>
<p>The discount, technically a negative premium, reached -16.44% before dipping slightly lower, per data from monitoring resource CoinGlass.</p>
<figure><img decoding="async" src="https://s3.cointelegraph.com/uploads/2023-10/8b0fa6fa-fce4-4b34-84db-9ed83758cc1f.png" alt="" title="" /><figcaption><em>GBTC premium vs. asset holdings vs. BTC/USD chart (screenshot). Source: CoinGlass</em></figcaption></figure>
<p>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.
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<br /><a href="https://cointelegraph.com/news/bitcoin-price-25k-target-sec-decision-boosts-gbtc">Source link </a></p><p>The post <a href="https://forextraderhub.com/bitcoin-price-gets-new-25k-target-as-sec-decision-day-boosts-gbtc.html">Bitcoin price gets new $25K target as SEC decision day boosts GBTC</a> first appeared on <a href="https://forextraderhub.com">Forex Trader Hub</a>.</p>