After the June 21 Wall Street open, Bitcoin (BTC) rallied back to the $30,000 mark, continuing the week’s positive trend.
Bitcoin price destroys traces of multi-week downturn
Data from Cointelegraph Markets Pro and TradingView verified that Bitstamp has achieved a new multi-month high of $30,340.
The price of BTC kept increasing throughout the day as buyers took advantage of the power that was generated by the news of traditional finance companies requesting permission to establish a Bitcoin ETF.
By doing this, the BTC/USD pair wiped out numerous weeks of losses, increasing more than 20% compared to the local lows of below $24,800 observed on June 15.
As traders set their sights on short-term goals, Material Indicators, a resource for on-chain analysis, identified $30,000 as an essential benchmark to surpass.
Uploading a screenshot of the BTC/USD order book on Binance, it was observed that “resistance at $30k is increasing.”
“Observing the amount of bid liquidity entering the active trading range to provide support,” it noted.
Material Indicators referred to the testimony of Jerome Powell, the Chair of the Federal Reserve of the United States, that was being given before the House Financial Services Committee.
Crypto market participants already had their sights set on the U.S., and the ETF announcements spurred a resumption of buying during Western trading hours.
“Maartunn, a contributor at on-chain analytics platform CryptoQuant, went on to say, ‘The Americans are buying.'”
A chart accompanying the data displayed the premium for BTC/USD on Coinbase, an American exchange, compared to Binance, the largest crypto exchange in the world, indicating “strong buying pressure” on the day.
Previously, Cointelegraph observed the shift in ownership of the BTC supply from the United States to China over the course of the last year.
“The real deal”
Others shifted their focus to the perceived more natural BTC price movements in comparison to the recent peak values.
New research suggests that the “sideways boredom” of Bitcoin prices may persist for up to 18 months.
In agreement with the opinion of popular trader and analyst Rekt Capital, Scott Melker, the trader and podcast host nicknamed “The Wolf Of All Streets,” was hoping for further progress.
“The current Bitcoin surge is being driven by spot traders, with minimal liquidations and a continuous increase in shorts. Furthermore, the spot volume today is already as much as it was yesterday with 10 hours left in the day,” he informed his Twitter followers.
A chart accompanying the data showed trading volume increasing up to $30,000.
The magazine reports that Bitcoin is heading towards fulfilling its promise of achieving ‘Net Zero’.
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