- The price faced selling pressure and could not breach the $28k level.
- BTC price has been consolidating around the $27,450 range post the recent spike.
Grayscale Bitcoin Trust’s win against the SEC has sparked a flurry of activity in the crypto market. In the last 24 hours, the cryptocurrency market has seen $171 million in liquidations, with $119 million coming from shorts.
According to statistics from Coinglass, the discount between Grayscale’s Bitcoin Trust (GBTC) price and the price of BTC has fallen to its lowest level since December 2021, reaching 18.06%. This drop might mean that investors are becoming more optimistic about GBTC. Grayscale Bitcoin Trust now has $17.10 billion worth of BTC in its possession.
High Volatility Expected
Post the court ruling in the SEC lawsuit, Bitcoin’s price went all the way to the $28k level, marking a significant milestone on the path to $30,000. A drop below $24.8k in Bitcoin’s value was averted as of the month’s end thanks to the recent catalyst. However, the price faced selling pressure and could not breach the $28k level. At the time of writing the Bitcoin price is trading at $27,380 and is up 5.43%.
Source: CoinMarketCap
The price has been consolidating around the $27,450 range post the recent spike, waiting to move in either direction. If the price goes below the $26,650 level then it might start a fresh decline all the way till $25,680. However, if the price manages to breach the $28,000 mark then it will most likely test the $30,000 barrier.
Traders are keeping a close watch on this week’s core PCE inflation and employment statistics, both of which might be highly favorable to Bitcoin price. The U.S. Fed is expected to increase interest rates at the upcoming FOMC meeting on September 21 as hinted by the Chair Jerome Powell during a recent event.
