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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.
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