The Grayscale Lawsuit Victory and BTC Price
The Grayscale lawsuit victory initially boosted the price of Bitcoin, but the rally was short-lived as the cryptocurrency quickly lost all its gains. Currently, BTC is trading just above a local resistance level.
- BTC price is showing weak resistance to drops
- On-chain data suggests a potential 10-15% drop from the current level
- The cryptocurrency could drop to $23,340 from the current range of $25,800
High Volatility and Upcoming SEC Deadline
In the past 7 days, BTC has experienced high volatility with a weekly low of $25,680 and a weekly high of $28,130. There may be another wave of volatility in mid-October 2023 as the SEC’s deadline for the Blackrock spot Bitcoin ETF filing approaches.
- SEC delayed decisions on spot Bitcoin ETF applications
- Blackrock, Invesco, and WisdomTree applications affected
Grayscale Judgment and Federal Regulatory Agency
The position of the federal regulatory agency regarding the Grayscale lawsuit judgment is yet to be seen. The judgment granted approval for the conversion of Grayscale Bitcoin Trust (GBTC) to a spot Bitcoin ETF.
Hot Take: Despite the initial rally, BTC’s price is facing weak resistance and may experience a significant drop. The upcoming SEC deadline and the outcome of the Grayscale judgment will likely contribute to further volatility in the cryptocurrency market.
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