Summary of Contents

  • Key Bitcoin Levels to Watch
  • Unfavorable GBTC Premium Falls to 16%

In the midst of whale accumulation, Bitcoin (BTC), the biggest cryptocurrency in the world, made a significant upward surge and crossed the $27,000 mark.

Technical analysis suggests that the price might rise to $27,800 following the recent breakout above $27,000; however, the prospect of selling in long-term BTC investments keeps the price down.

Key Bitcoin Levels to Watch

The 100-hour Simple Moving Average is also exceeded by BTC, which is currently trading above $27,000. Around $27,300, however, the hourly price chart encounters considerable resistance.

The Fibonacci 61.8% retracement level, computed between $26,550 and $28,285, is where the next significant resistance is situated. This level is about $27,500. Breakthroughs at resistance levels like $27,500 and $27,650 may pave the door for an extension of the rising trend.

Bitcoin Price Surpasses $27,000; Important Levels to Track


A possible fall is possible if Bitcoin is unable to significantly rise over the $27,500 resistance. Around $27,000 and the trend line are where the initial support level in the downward direction is situated. Around $26,900 and the 100-hour Simple Moving Average serve as the next significant support level.

Unfavorable GBTC Premium Falls to 16%


Grayscale and the U.S. Securities and Exchange Commission (SEC) are anticipated to start talking this week about converting the GBTC product into a spot Bitcoin ETF. After the SEC opted without appealing the court's ruling in favor of Grayscale, this situation developed. It's interesting to note that this raised the likelihood of a spot Bitcoin ETF being approved in the United States to 90% until January 2024.

The negative premium of GBTC shares to the price of spot Bitcoin decreased below 16% in the middle of all these happenings. Early in the year, the negative premium had risen as high as 30%. The negative premium of Grayscale Bitcoin Trust (GBTC) to Bitcoin's Net Asset Value (NAV) decreased to 15.87% as of October 13 according to the most recent data from YCharts.

After BlackRock and many other asset management firms submitted applications to the SEC for a spot Bitcoin ETF in mid-June, the negative premium of GBTC began to decline. On June 15, the negative premium was 44%; it was 26.7% on July 5, and it has been declining ever since.

DISCLAIMER: We don't provide any investment advice.