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Over the last weekend, the world’s largest crypto Bitcoin (BTC) has registered a strong move upside amid whale accumulation. As of press time, the Bitcoin price is trading 1.29% up at $27,241 and a market cap of $530 billion.
The recent breakout above $27,000 opened the gates for the BTC price to move ahead up to $27,800, as per the technical charts. However, amid the ongoing concerns of significant price correction, long-term Bitcoin holders have been exhibiting fear.
#Bitcoin long-term holders are exhibiting “fear” amid concerns of a significant $BTC price correction! pic.twitter.com/7Zqkygibqd
— Ali (@ali_charts) October 15, 2023
Keys Levels to Watch for Bitcoin
Bitcoin is currently trading above $27,000 and is positioned above the 100-hourly Simple Moving Average. However, it’s encountering significant resistance around the $27,300 mark.
The subsequent crucial resistance might be found near $27,500 or the 61.8% Fibonacci retracement level, calculated from the downward movement between the $28,285 swing high and the $26,550 low. A decisive breakthrough above the resistance levels at $27,500 and $27,650 could pave the way for a more substantial uptrend.
In the event that Bitcoin fails to make a substantial recovery above the $27,500 resistance, a potential decline might occur. Initial support on the downside can be identified around the $27,000 level and within the vicinity of the trendline. The subsequent significant support level rests near $26,900, along with the 100-hourly Simple Moving Average.
GBTC Discount Drops to 16%
Grayscale and the US SEC are most likely to start a conversation this week over the conversion of the GBTC product to a spot Bitcoin ETF. This happened as the SEC has decided not to contest further the court ruling in favor of Grayscale. Interestingly, this has also increased the odds of a spot Bitcoin ETF approval in the US to 90%, by January 2024.
Amid all the developments, the GBTC share discount to the spot Bitcoin price has dropped under 16%. The discount gap was as high as 30% earlier this year.
According to recent data from YCharts, the discount of Grayscale Bitcoin Trust (GBTC) to Bitcoin’s Net Asset Value (NAV) has reduced to 15.87% as of October 13.
This narrowing of GBTC’s discount began when BlackRock and several other financial institutions submitted applications for spot Bitcoin ETFs in mid-June. The discount has steadily decreased from 44% on June 15 to 26.7% by July 5, and it has continued to narrow since then.
The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
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