Over the last weekend, the world’s largest crypto Bitcoin (BTC) has registered a strong move upside amid [whale accumulation](https://coingape.com/bitcoin-btc-whales-go-on-accumulation-spree-is-a-surge-incoming/?utm_source=24hrsupdateall).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] Recommended Articles 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](https://coingape.com/breaking-us-sec-decides-not-to-appeal-a-recent-court-ruling-against-grayscale/) further the court ruling in favor of Grayscale.Interestingly, this has also increased the [odds of a spot Bitcoin ETF approval](https://coingape.com/odds-of-spot-bitcoin-etf-approval-by-us-sec-rises-above-90-bloomberg/) 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](https://ycharts.com/companies/GBTC/discount_or_premium_to_nav) 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.
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