- Grayscale Bitcoin Trust’s recent victory over the SEC boosted crypto activity.
- Bitcoin’s value soared to $28k following the SEC litigation decision.
- Crypto industry professionals are monitoring PCE inflation and employment data.
The recent victory of Grayscale Bitcoin Trust over the SEC has ignited a surge of activity within the cryptocurrency sector. Over the past day, the crypto market has experienced liquidations amounting to $171 million, of which $119 million originated from short positions.
Coinglass data reveals that the price disparity between Grayscale’s Bitcoin Trust (GBTC) and the actual price of Bitcoin
High volatility is on the horizon
Following the judicial decision in the SEC litigation, Bitcoin’s value soared to the $28k mark, a notable achievement on its journey towards $30,000. The cryptocurrency managed to avoid dipping below $24.8k by the end of the month, largely due to recent market stimuli. Despite this, Bitcoin encountered sellers’ resistance and could not surpass the $28k threshold. As of this report, Bitcoin is trading at $27,380, reflecting a 5.43% increase.
Following the recent surge, the price has stabilized in the vicinity of $27,450, poised for a potential shift in either direction. Should the price dip below the $26,650 threshold, we could witness a new downward trend, reaching as low as $25,680. Conversely, if the price surpasses the $28,000 benchmark, it will probably challenge the $30,000 resistance level.
Crypto industry professionals are closely monitoring this week’s core PCE inflation and employment data, as both could positively impact Bitcoin’s value. The U.S. Federal Reserve is anticipated to hike interest rates at the forthcoming FOMC meeting on September 21, as suggested by Chair Jerome Powell at a recent event.
