Following Grayscale's victory over the US SEC on Tuesday, Bitcoin's price quickly recovered and surged past $27,500. However, it has since undergone a partial retracement and is currently trading at $27,240. On-chain data shows sustained trading volumes, with a significant resurgence of trader attention on Bitcoin. Large holders in the cryptocurrency space may have had insights about the Grayscale and SEC legal case's result, as wallets holding 10,000 to 10,000 Bitcoin collectively acquired around $388.3 million worth of BTC.

Bitcoin's technical indicators show weakness on the charts, and it risks falling further if it fails to sustain under $25,000. The possible Fed tightening amid stick inflation is also a development to watch. Bloomberg's senior commodity strategist warns that Bitcoin $30,000 may be the new $12,000, with the Fed still tightening despite the tilt toward economic contraction. It remains to be seen whether Bitcoin will continue to sustain above $27,000 or if the current recovery is just another dead cat bounce.