Bitcoin (BTC<\/a>) ranged around the key $26,800 mark for a second day on Oct. 13 with a decision due in United States regulators\u2019 battle with crypto investment giant Grayscale.<\/p>\n Data from Cointelegraph Markets Pro<\/a> and TradingView<\/a> confirmed BTC price barely changed from the day prior, acting in a narrow corridor.<\/p>\n Bitcoin market analysts weighed potential catalysts, among these the U.S. Securities and Exchange Commission, (SEC) choosing whether or not to appeal<\/a> a court ruling over its refusal to allow a Bitcoin spot exchange-traded fund (ETF).<\/p>\n \u201cToday is an important day with the SEC Appeal on the Grayscale ruling,\u201d Micha\u00ebl van de Poppe, founder and CEO of MN Trading, wrote<\/a> in part of an X post. <\/p>\n \u201cIf nothing happens, we might be seeing a case where Bitcoin reverses upwards in the coming weeks. I’m positioned long.\u201d<\/p><\/blockquote>\n Macro data prints were due to take a break, following a series of releases through the week, which all showed inflation more persistent<\/a> than market expectations had predicted.<\/p>\n Summarizing possible BTC price trajectory from here, popular trader and analyst Credible Crypto saw cause for modest optimism.<\/p>\n \u201cWe have a very clear and seemingly controlled \u2018stairstep\u2019 down on price here. Clear low timeframe breakdowns, retests, and continuation,\u201d he explained<\/a> alongside a chart.<\/p>\n \u201cWe are leaving behind equal lows right below us, so ideally I’d like to see these cleaned up before a reversal. Considering we have bids stacked above and below us, a push to the local highs into asks followed by a rejection and sweep of our lows into the waiting bids and local demand seems like the perfect way to form a reversal here. Let’s see how things develop.\u201d<\/p><\/blockquote>\n Fellow trader Daan Crypto Trades noted BTC\/USD moving within a zone between two liquidity clouds, with a reaction more likely should spot price reach either one.<\/p>\n #Bitcoin<\/a> Liquidation Map <\/p>\n Big zones at $26.5K & $27K. Would expect some sort of ssqueeze to occur at those areas. pic.twitter.com\/VW6YYPkMe4<\/a><\/p>\n \u2014 Daan Crypto Trades (@DaanCrypto) October 13, 2023<\/a><\/p><\/blockquote>\n Trader and analyst Rekt Capital meanwhile placed a target of $25,000 on Bitcoin should bulls fail to reclaim exponential moving averages (EMAs) lost through the week.<\/p>\n #BTC<\/a> <\/p>\n Needs to reclaim at least one of these EMAs as support to avoid a drop into the $25k-$26k area$BTC<\/a> #Crypto<\/a> #Bitcoin<\/a> pic.twitter.com\/ywRkdM07uw<\/a><\/p>\n \u2014 Rekt Capital (@rektcapital) October 12, 2023<\/a><\/p><\/blockquote>\n Ahead of the appeal deadline, Grayscale\u2019s flagship investment fund, the Grayscale Bitcoin Trust (GBTC), continued to outperform.<\/p>\n Related:\u00a0Did SBF really use FTX traders\u2019 Bitcoin to keep BTC price under $20K?<\/a><\/em><\/strong><\/p>\n The focus of the legal proceedings, GBTC will end up as a spot ETF, Grayscale has said, with an early victory for the firm seeing its fortunes turn around through Q2<\/a>.<\/p>\n On Oct. 11, GBTC hit its smallest discount to net asset value \u2014 the Bitcoin spot price \u2014 since December 2021.<\/p>\nBitcoin lurks between major liquidity clouds<\/h2>\n
![](\"https:\/\/s3.cointelegraph.com\/uploads\/2023-10\/7972ae82-a59c-49ff-9b14-b56bc47b8033.png\")
![](\"https:\/\/s3.cointelegraph.com\/uploads\/2023-10\/d8b1d1cf-199b-42a0-b836-abc7ec1e8a20.jpeg\")
\n
\n
GBTC claws back more lost ground<\/h2>\n
![\"\"](\"https:\/\/s3.cointelegraph.com\/uploads\/2023-10\/8b0fa6fa-fce4-4b34-84db-9ed83758cc1f.png\" "\\"\\"")