- Grayscale’s legal victory gave Bitcoin much-needed momentum, but crypto gains have been lost.
- According to on-chain data, BTC’s price is trading in a risky area that could lead to a further 10% to 15% drop from its current level, due to a lack of strong support.
- There is a month left to appeal the court decision in favor of Grayscale. During this time, they must present new arguments to contest the court’s decision regarding GBTC.
| COINOTAG recommends • Exchange signup |
| 💹 Trade with pro tools |
| Fast execution, robust charts, clean risk controls. |
| 👉 Open account → |
| COINOTAG recommends • Exchange signup |
| 🚀 Smooth orders, clear control |
| Advanced order types and market depth in one view. |
| 👉 Create account → |
| COINOTAG recommends • Exchange signup |
| 📈 Clarity in volatile markets |
| Plan entries & exits, manage positions with discipline. |
| 👉 Sign up → |
| COINOTAG recommends • Exchange signup |
| ⚡ Speed, depth, reliability |
| Execute confidently when timing matters. |
| 👉 Open account → |
| COINOTAG recommends • Exchange signup |
| 🧭 A focused workflow for traders |
| Alerts, watchlists, and a repeatable process. |
| 👉 Get started → |
| COINOTAG recommends • Exchange signup |
| ✅ Data‑driven decisions |
| Focus on process—not noise. |
| 👉 Sign up → |
Bitcoin quickly erased Grayscale’s gains with the SEC victory and fell below $26,000 again; What will happen now?
Bitcoin has started trading in a critical area
Grayscale’s legal victory gave Bitcoin much-needed momentum, but crypto gains have been lost. In the current range, BTC is trading just above the local resistance level.
Contrary to recent trends, the top cryptocurrency seems to be showing weak resistance to price declines. According to on-chain data, BTC’s price is trading in a risky area that could lead to a further 10% to 15% drop from its current level due to a lack of strong support. Crypto’s price could drop to $23,340 from the current $25,800 range, according to Ali Charts:
“On-chain data shows a lack of strong support for BTC below $25,400. If BTC breaks this threshold, it could quickly correct towards $23,340.”
Over the past 7 days, there has been high volatility, with the weekly low at $25,680 and the weekly high at $28,130. As the next deadline for the SEC’s decision on BlackRock’s spot Bitcoin ETF application approaches, Bitcoin could see another wave of volatility in mid-October 2023. On August 31, 2023, the SEC delayed decisions on a series of spot Bitcoin ETF applications, including those from BlackRock, Invesco, and WisdomTree.
| COINOTAG recommends • Exchange signup |
| 📈 Clear interface, precise orders |
| Sharp entries & exits with actionable alerts. |
| 👉 Create free account → |
| COINOTAG recommends • Exchange signup |
| 🧠 Smarter tools. Better decisions. |
| Depth analytics and risk features in one view. |
| 👉 Sign up → |
| COINOTAG recommends • Exchange signup |
| 🎯 Take control of entries & exits |
| Set alerts, define stops, execute consistently. |
| 👉 Open account → |
| COINOTAG recommends • Exchange signup |
| 🛠️ From idea to execution |
| Turn setups into plans with practical order types. |
| 👉 Join now → |
| COINOTAG recommends • Exchange signup |
| 📋 Trade your plan |
| Watchlists and routing that support focus. |
| 👉 Get started → |
| COINOTAG recommends • Exchange signup |
| 📊 Precision without the noise |
| Data‑first workflows for active traders. |
| 👉 Sign up → |
Grayscale Decision: What’s Next?
On the other hand, it is essential to see what position the federal regulatory agency will take regarding the Grayscale lawsuit. This decision approved a move to convert Grayscale Bitcoin Trust (GBTC) into a spot Bitcoin ETF.
There is one month left for the SEC to appeal the court decision. During this time, they must present new arguments to contest the court’s decision, or it may be assumed that they have accepted this decision.
| COINOTAG recommends • Exchange signup |
| 🧱 Execute with discipline |
| Watchlists, alerts, and flexible order control. |
| 👉 Sign up → |
| COINOTAG recommends • Exchange signup |
| 🧩 Keep your strategy simple |
| Clear rules and repeatable steps. |
| 👉 Open account → |
| COINOTAG recommends • Exchange signup |
| 🧠 Stay objective |
| Let data—not emotion—drive actions. |
| 👉 Get started → |
| COINOTAG recommends • Exchange signup |
| ⏱️ Trade when it makes sense |
| Your plan sets the timing—not the feed. |
| 👉 Join now → |
| COINOTAG recommends • Exchange signup |
| 🌿 A calm plan for busy markets |
| Set size and stops first, then execute. |
| 👉 Create account → |
| COINOTAG recommends • Exchange signup |
| 🧱 Your framework. Your rules. |
| Design entries/exits that fit your routine. |
| 👉 Sign up → |
