The direction of Bitcoin will not be revealed too quickly, so it can be traded in a volatile manner in the short term

Late tonight, early Saturday morning,

Washington, D.C. court to issue further guidance on SEC and Grayscale case

At present, Bitcoin can still maintain a high level, which is closely related to this news

There is a consensus in the market that the Bitcoin spot ETF will be approved as early as January next year

And some information about the Grayscale case,

Still, some people think that the SEC may directly approve the conversion of GBTC into a BTC spot ETF.

But let's be clear.

That is, the court has no right to require the SEC to directly approve the conversion of GBTC into a BTC spot ETF

If the SEC follows the process, there will still be a maximum delay of 240 days.

I personally think that the SEC will not approve the conversion of GBTC into a BTC spot ETF at this point in time.

Some friends may ask, why does the price of Bitcoin remain so high?

It's simple. There are too many people shorting.

This can be clearly seen from the ratio of long and short Bitcoin holders on Binance, as well as the funding rate.

The number of short sellers has increased dramatically in the past two days.

So, in this case, either the main force will pull another wave to more than 3W to burst the trend

Otherwise, it will fluctuate sideways between 20,000 and 30,000 for one or two weeks.

And during the oscillation, a needle is inserted upward from time to time,

Only when the shorts lose their temper can the market really go down

So, as retail investors, how should we deal with this situation?

The simplest and safest way is to not do it, just stand aside and watch the show.

Wait until the direction is revealed before making any moves, although the order opening point will not be very good

And the profit you can get may not be much, but it is safe.

If you are more determined to be bearish, it is recommended that you consider placing short orders above 2W9.

In the short term, I think it is possible to open a short position when the price reaches around 29,300.

When it reaches around 27700, you can consider going long

If this is most likely the top of a phase,

Then the top won't end so quickly.

The operation of the market here will be more difficult, it is recommended to do a good job of position management