Bitcoin, the world's largest cryptocurrency, saw a strong upward movement over the weekend due to whale accumulation. The current Bitcoin price is trading at $27,241 with a market cap of $530 billion. Technical charts suggest that the recent breakout above $27,000 could lead to a move up to $27,800.
However, long-term Bitcoin holders are exhibiting fear amid concerns of a significant price correction. The Grayscale Bitcoin Trust's discount to Bitcoin's Net Asset Value has dropped to 15.87% as of October 13, and the SEC's decision not to contest a court ruling in favor of Grayscale has increased the odds of a spot Bitcoin ETF approval in the US to 90% by January 2024.
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