Bitcoin price gets new $25K target as SEC decision day boosts GBTC
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.
Data from Cointelegraph Markets Pro and TradingView confirmed that the BTC price barely changed from the day prior, acting in a narrow corridor.
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).
“Today is an important day with the SEC Appeal on the Grayscale ruling,” Michaël van de Poppe, founder and CEO of MN Trading, wrote in part of an X (formerly Twitter) post.
Macro data prints were due to take a break following a series of releases throughout the week, which all showed inflation more persistent than market expectations had predicted.
Summarizing possible BTC price trajectory from here, popular trader and analyst Credible Crypto saw cause for modest optimism.
“We have a very clear and seemingly controlled ‘stairstep’ down on price here. Clear low timeframe breakdowns, retests, and continuation,” he explained alongside a chart.
Fellow trader Daan Crypto Trades noted BTC/USD moving within a zone between two liquidity clouds, with a reaction more likely should the spot price reach either one.
#Bitcoin Liquidation Map
Big zones at $26.5K & $27K. Would expect some sort of ssqueeze to occur at those areas. pic.twitter.com/VW6YYPkMe4
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.
#BTC
Needs to reclaim at least one of these EMAs as support to avoid a drop into the
