On August 29, Bitcoin led the cryptocurrency market higher after Grayscale won its lawsuit against the U.S. Securities and Exchange Commission. However, the rally cannot be sustained as analysts warn that victory does not guarantee the approval of a spot Bitcoin (BTC) exchange-traded fund. Still, this win could prove to be a boon for Grayscale. Glassnode analysts said in a tweet on August 30 that Grayscale Bitcoin Trust (GBTC) may return to premium next year. Notably, GBTC has been trading at a discount to spot Bitcoin prices for the past two and a half years.

In the short term, the crypto market is still unable to sustain higher levels, although the S&P 500 is on the path to recovery and the U.S. dollar index has declined in the short term. This shows that traders have been focusing on cryptocurrency-specific news. Can Bulls Defend Bitcoin and Altcoin Support? Will this lead to a stronger recovery soon? Let’s study the charts of the top 10 cryptocurrencies to find out.