Bulls found fresh support as Bitcoin (BTC) breached $30,500 at the open on Wall Street on June 26.
Bitcoin ETF Hype Puts Claims on U.S. Markets
Data from Cointelegraph Markets Pro and transaction view Showing BTC price action holding around $30,000 on a weekly basis.
The largest cryptocurrency started the week on a steady note as U.S. markets began trading, with observers hoping to emulate the previous week’s moves.
Subsequently, the United States provided the lion’s share of buyer interest after multiple announcements of applications for institutional products based on bitcoin spot prices.
“Last week, most of the action and buying pressure occurred when U.S. stocks were open,” said Daan Crypto Trades, a popular trader. famous that day.
Fellow trader Skew agreed, calling the June 26 U.S. session “important.”
bitcoin dollar Total CVD and Delta
Weekly open, spot buying leads rally ($30,447); some perpetual hedges can be seen here (perpetual CVD lower than price/spot CVD)
US session will be more important (continued to drive price direction recently) pic.twitter.com/mfzfSnx5OB
— Skew Δ (@52kskew) June 26, 2023
On-chain analytics firm Glassnode confirmed the trend, suggesting it could be part of a longer-term shift due to U.S. exchange-traded fund (ETF) filings.
“We have seen early signs of a US-led recovery in demand as institutional-grade ETF filings surge across the US,” the firm wrote in its latest weekly newsletter.One week on the chain“.
“This comes after a period of relatively soft U.S. demand in 2023, with Asia’s top exchanges seeing their strongest accumulation so far this year.”
Analyst: Large Bitcoin price correction ‘highly unlikely’
Turning to the BTC price performance itself, trading suite DecenTrader has marked a key resistance level above it now.
Related: BTC Price Rising, Fundamentals Falling?5 Things to Know About Bitcoin This Week
Its two-year moving average (MA) is just above $32,800.
“Historically, two-year moving averages offer excellent accumulation opportunities ahead of the next halving cycle,” said part of Twitter’s analysis pointed out.
The accompanying chart shows a two-year moving average as well as a trendline reflecting five times its value, suggesting a break above the former would be followed by an uptick.
Shorter time frames also show lack of interest Shorting BTC at current levels increases hopes for a resumption of the uptrend.
Others continue to look for potential “buy the dip” opportunities, with popular trader Crypto Chase citing $29,000 as an example.
These charts are not necessarily forecasts, but where I see opportunity and seek to do business. pic.twitter.com/xqHv2QhZJr
— Crypto Chase (@Crypto_Chase) June 26, 2023
Trader and analyst Rekt Capital reiterated that the overall picture for Bitcoin remains strong and any potential pullback is shallow in nature.
“When a BTC correction ends so convincingly … the likelihood of another deep correction following is extremely slim,” he said. makes sense.
“Any downside is likely to be down as part of a continuation of a new uptrend.”
Magazine: Gary Gensler’s Job at Risk, BlackRock’s First Spot Bitcoin ETF, and Other News: Hodler’s Digest, June 11-17
This article does not contain investment advice or recommendations. Every investment and transaction involves risk, and readers should do their own research when making a decision.