Bitcoin Price Reaches $25K Target After SEC Decision Boosts GBTC

On October 13, Bitcoin (BTC) remained at around the significant $26,800 level for a second day, with a decision expected in the US government’s confrontation with the crypto investment behemoth Grayscale.

Bitcoin lurks between major liquidity clouds

Cointelegraph Markets Pro and TradingView data showed that the BTC price was almost unchanged from the day prior, trading in a tight range.

Cryptocurrency market analysts were examining potential drivers of the price, including the U.S. Securities and Exchange Commission’s (SEC) decision whether to appeal a court ruling on its denial of a Bitcoin spot exchange-traded fund (ETF).

“Today is an important day with the SEC Appeal on the Grayscale ruling,” commented Michaël van de Poppe, founder and CEO of MN Trading, in a X (formerly Twitter) post.

Macroeconomic data releases, which had been plentiful in recent days and indicated more inflation than expected, were set to take a break.

Credible Crypto, a well-known trader and analyst, expressed some optimism about the potential BTC price trajectory. “We have a very clear and seemingly controlled ‘stairstep’ down on price here. Clear low timeframe breakdowns, retests, and continuation,” he said, accompanied by a chart.

Daan Crypto Trades also noted that BTC/USD was moving within a zone between two liquidity clouds, meaning that a reaction was more likely if the spot price reached either one.

Relevant Capital, another trader and analyst, set a $25,000 price target for Bitcoin should bulls fail to reclaim the exponential moving averages (EMAs) lost during the week.

GBTC recovers more lost ground

As the appeal date approaches, the Grayscale Bitcoin Trust (GBTC), Grayscale’s primary investment fund, continues to show good results.

The legal proceedings will result in GBTC becoming a spot ETF, according to Grayscale, and the firm already achieved a positive outcome in the second quarter.

On October 11, GBTC recorded its smallest difference between net asset value and the Bitcoin spot price since December 2021. The discount, which is actually a negative premium, rose to -16.44%, according to CoinGlass data, before dropping slightly.