BTC price jumps to 2-week highs on Grayscale vs. SEC Bitcoin ETF win

Source: TradingViewSEC was “capricious and arbitrary” with Bitcoin ETF rejectionData from Cointelegraph Markets Pro and TradingView recorded an instant BTC cost reaction to the event, with BTC/USD getting $1,700 in around 30 minutes.The news upended a stagnant Bitcoin trading environment which had actually endured after snap losses in mid-August.”Grayscale therefore signs up with the waiting list of firms looking for to launch what would become the very first U.S. spot Bitcoin ETF, with the SEC yet to authorize any application.At the time of composing, BTC/USD circled around $27,300, having reached as high as $27,723 on Bitstamp.Data from the Binance BTC/USD order book uploaded to X by keeping an eye on resource Material Indicators covered the uptick, with all order classes increasing buying in what was a market lacking liquidity.BTC/ USD order book data for Binance. Source: Material Indicators/X”A 6-month view of order book information shows thin liquidity to the advantage that ought to be quite easy to make use of for a retest of the $30s, however weve yet to see adequate belief to do that because the market fears what will occur if BTC starts printing lower lows,” part of analysis provided just prior to the Grayscale announcement stated.Analyst declares BTC cost “bull cycle” catalystContinuing the response, Michaël van de Poppe, creator and CEO of trading company Eight, suggested that the courts choice might have a favorable effect on the existing ETF applications, significantly that of the worlds biggest asset manager, BlackRock.Related: Bitcoin metric with 100% long hit rate anticipates $23K BTC cost flooring”This may sound unusual, but we could be on the edge of the start of the bull cycle with this news,” he summed up to X followers in part of commentary on the back of a devoted video update.As Cointelegraph reported, Grayscales legal fight with the SEC was slow-moving and prolonged, with CEO Michael Sonnenshein amongst those firmly insisting that the company would not rest until approved permission to transform its existing Bitcoin financial investment vehicle, the Grayscale Bitcoin Trust (GBTC), to an ETF.