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- The price encountered selling pressure and was unable to surpass the $28k threshold.
- BTC price has been stabilizing around the $27,450 mark following the recent increase.
The victory of Grayscale Bitcoin Trust against the SEC has triggered a surge of activity within the cryptocurrency market. Over the past 24 hours, the crypto market has experienced $171 million in liquidations, with $119 million attributed to short positions.
Data from Coinglass indicates that the discount between Grayscale’s Bitcoin Trust (GBTC) price and the BTC price has decreased to its lowest point since December 2021, now at 18.06%. This reduction may suggest that investors are growing more optimistic regarding GBTC. Grayscale Bitcoin Trust currently holds $17.10 billion in BTC.
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High Volatility Expected
Following the court decision in the SEC lawsuit, Bitcoin’s price surged to the $28k level, marking a notable step towards $30,000. A decline below $24.8k in Bitcoin’s value was avoided at the end of the month due to this recent catalyst. Nonetheless, the price faced selling pressure and could not surpass the $28k level. At the time of this report, Bitcoin is trading at $27,380, reflecting a 5.43% increase.
Source: CoinMarketCap
The price has been stabilizing around the $27,450 range following the recent increase, poised to move in either direction. Should the price fall below the $26,650 level, it may initiate a new decline down to $25,680. Conversely, if the price successfully breaks through the $28,000 mark, it will likely test the $30,000 resistance.
Traders are closely monitoring this week’s core PCE inflation and employment data, both of which could be significantly beneficial for Bitcoin’s price. The U.S. Federal Reserve is anticipated to raise interest rates at the forthcoming FOMC meeting on September 21, as suggested by Chair Jerome Powell during a recent event.
