Bitcoin (BTC) has remained stable around the $26,800 mark for a second consecutive day on October 13. The price of BTC has been trading within a narrow corridor, indicating a lack of significant movement. Traders and analysts have been speculating on potential catalysts that could influence the price of Bitcoin, with one of them being the United States Securities and Exchange Commission (SEC) decision on whether or not to appeal a court ruling regarding the approval of a Bitcoin exchange-traded fund (ETF).
The outcome of the SEC appeal is expected to have a significant impact on the future direction of Bitcoin. Michaël van de Poppe, founder and CEO of MN Trading, expressed his anticipation of the SEC appeal on Twitter, stating that if nothing happens, Bitcoin could reverse upwards in the coming weeks, and he has positioned himself accordingly.
In terms of macro data, there were no major releases on this day. Earlier in the week, various data prints showed that inflation was more persistent than market expectations, which contributed to market uncertainty. Nevertheless, popular trader and analyst Credible Crypto remained cautiously optimistic about the price trajectory of BTC, noting a controlled “stairstep” pattern in the price movement. He mentioned that a push to the local highs followed by a rejection and sweep of the lows could potentially signal a reversal.
Another trader, Daan Crypto Trades, highlighted that BTC/USD was moving within a zone between two liquidity clouds, suggesting that a reaction is more likely if the spot price reaches either one. Rekt Capital, a trader and analyst, set a target of $25,000 for BTC in the event that bulls fail to regain lost exponential moving averages (EMAs).
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Meanwhile, Grayscale’s flagship investment fund, the Grayscale Bitcoin Trust (GBTC), continued to outperform ahead of the SEC appeal deadline. Grayscale has stated that GBTC will eventually become a spot ETF, and its recent performance indicates a positive outlook for the fund. GBTC’s discount to net asset value (NAV), which reached its lowest level since December 2021, has also been a positive indicator for the fund.
In conclusion, Bitcoin has maintained stability around the $26,800 mark, awaiting the outcome of the SEC appeal on the approval of a Bitcoin ETF. Traders and analysts have different views on the potential price trajectory of BTC, with some expressing optimism and others urging caution. The performance of the Grayscale Bitcoin Trust has been notable, with the fund’s discount to NAV reaching a recent low. As the market awaits further developments, investors should conduct their own research and exercise caution when making trading decisions.
