. Weekly Crypto Analysis - Bitcoin Surges 1% as SEC Approves Grayscale's GBTC to ETF

Weekly Crypto Analysis – Bitcoin Surges 1% as SEC Approves Grayscale’s GBTC to ETF

Weekly Crypto Analysis – Bitcoin Surges 1% as SEC Approves Grayscale’s GBTC to ETF

14 Oct 2023

Introduction:

In the ever-evolving world of cryptocurrencies, Bitcoin experiences a notable surge, climbing over 1% in response to the US SEC’s decision not to appeal the Grayscale victory. With trading volume up by 61%, Bitcoin maintains a bullish stance and remains above a crucial support level, driven by speculation that the SEC may opt not to contest Grayscale’s recent success. This positive momentum positions Bitcoin for potential further gains as discussions about a Bitcoin ETF continue to dominate the cryptocurrency landscape. Meanwhile, Ethereum faces a 10% decline in the wake of a failed breakout, and XRP shows signs of potential recovery amid whale accumulation.

Bitcoin:

Bitcoin price increase as SEC misses appeal deadline for Grayscale GBTC conversion to spot BTC ETF.

As word spreads that the US SEC will not be appealing the Grayscale victory, the price of bitcoin has increased by over 1%.

The trading volume has risen by 61% so far, even with the typical weekend slowdown.

While discussions about a Bitcoin exchange-traded fund (ETF) continue to dominate Crypto X, the price of bitcoin (BTC) is trading with a bullish bias and is holding above a critical support level entering the weekend. It follows the deduction that the US Securities and Exchange Commission (SEC) might decide not to file an appeal of the most recent Grayscale triumph since the time for doing so has passed.

The price of bitcoin has increased by 0.5% during the past day, and trade volume has increased by 61% during that same period. The cryptocurrency market leader is still consolidating along an upward trend line, maintaining a bullish shape with potential for further increases.

Technical Overview:

Moving Averages:

Exponential:

  • MA 5: 26982.78 | Negative Crossover | Bearish
  • MA 20: 27074.47 | Negative Crossover | Bearish
  • MA 50: 27066.81 | Negative Crossover | Bearish

Simple:

  • MA 5: 26962.30 | Negative Crossover | Bearish
  • MA 20: 27096.68 | Negative Crossover | Bearish
  • MA 50: 26594.18 | Positive Crossover | Bullish

RSI (Relative Strength Index): 47.03| Buy Zone | Bullish

Stochastic Oscillator: 9.68| Sell Zone | Negative

Resistance And Support Levels:

  • R1: 27651.17 | R2: 28979.91
  • S1: 26579.61 | S2: 25079.41

Overall Sentiment: Bearish | Market Direction: Sell

Trade Suggestion: Stop Sell: 26108.12 | Take Profit: 25079.41 | Stop Loss: 26965.07.

Elsewhere In the Crypto Market.

Ethereum price is down 10% in just under two weeks after a failed breakout past the $1,700 psychological level. The price XRP stabilizes as whale accumulation hints at potential recovery initiating soon.

Bitcoin down (0.02%) at 26,862.0, Ethereum down (0.35%) at 1,546.8, Litecoin up (0.15%) at 61.56, Solana up (2.10%) at 21.93, Doge coin up (0.46%) at 0.58.

Key Economic Events & Data Release for Upcoming Week:

(USD) Building Permits (Sep) Wednesday

(CNY) GDP (YoY) (Q3) (Wednesday).

(EUR) CPI (YoY) (Sep) (Wednesday)