Bitcoin increases due to the Grayscale messages, but what happens to the USD is more important

• Grayscale has won a pioneering judgment against US supervisory authorities
• The SEC rejected Grayscale's application to convert Bitcoin Trust into an ETF, wrongly from
• The price of Bitcoin has risen on a bitch, but it is more important what happens next with the US dollar

Grayscale is a leading crypto asset manager. It enables dealers and investors to gain access to the cryptocurrency market via Bitcoin trust.

The trust now manages assets of over $ 17 billion and the legitimate shares of the Grayscale Bitcoin Trust are noted on the OTCQX under the GBTC symbol.

Yesterday Grayscale won a groundbreaking decision by A US court Commission has decided on Grayscale's Bitcoin ETF .

grayscale wants to convert the Grayscale Bitcoin Trust into an ETF (Exchange Traded Fund), but the SEC has not allowed this. However, the federal court decided that the Sec was wrong.

As a result, the Bitcoin price jumped to over $ 27,000. While the news from Grayscale is positive for the industry, what happens to the US dollar is more relevant for Bitcoin.

Bitcoin-chart of tradingView

Bitcoin recovers from the support because the US dollar becomes weaker

When the US Federal Court of Grayscale decided at the same time, the news came that the labor market in the United States weakened. The most important stock market indices rose when the dollar lost to the ground.

This is a trend that should be observed in the future.

Since the Fed is convinced that inflation has reached its peak, the focus is now on the job market. If the labor market data confirms the gentle trend this week, a further increase in Bitcoin can be expected.

From a technical point of view, Bitcoin recovered from the horizontal support, which was given by the neck line of a reverse head-shoulder pattern. The neck line is often tested again, and now the focus is (again) relocated to the measured movement, which indicates $ 35,000 and more.