Bitcoin analysts doubt BTC price rally as $23K target gains popularity
Bitcoin is not catching a genuine bid despite the buzz around Grayscale, analysis warns, with BTC price still able to dive lower. Bitcoin (BTC) drifted toward $27,000 after the Aug. 30 Wall Street open as the dust settled on digital asset manager Grayscale’s legal victory. BTC/USD 1-hour chart. Source: TradingView BTC buyer interest remains low Data from Cointelegraph Markets Pro and TradingView showed BTC price cooling volatility which began the day prior, when a positive verdict for Grayscale against United States regulators sparked 7.5% gains. Bitcoin managed $28,143 on Bitstamp — its highest in almost two weeks — before returning to consolidate lower. Despite closing the daily candle above two key moving averages, these had yet to return as definitive intraday support, and on the day, analysts were cautious. In a Quicktake post for on-chain analytics platform CryptoQuant, contributor MAC_D was among those noting that the Grayscale move had originated on derivatives exchanges. Desp...