Bitcoin price eases downside as traders demand $24.5K support holds

On June 16, Bitcoin (BTC) regained some of the ground it had lost previously, as investors disregarded the contradictory macroeconomic signals from the United States.

BlackRock Bitcoin ETF plan buoys markets

Data from Cointelegraph Markets Pro and TradingView revealed that BTC/USD was trading around $25,500 on Bitstamp, having recovered from a $1,000 drop from the day before.

Skew, a well-known trader, tracked the activity on the major exchange Binance, observing the price action and noticing concerted buying at the bottom. Sellers then entered the market near $26,000.

The increase happened at the same time as the announcement that BlackRock, the world’s biggest asset manager, had applied to list a Bitcoin ETF.

For Michaël van de Poppe, founder and CEO of Eight trading firm, this provided a positive counterbalance to the numerous unfavorable occurrences in regards to cryptocurrency regulation that have occurred in the last 10 days.

He informed his Twitter followers that Blackrock’s filing for an ETF was bullish for Bitcoin.

Subsequent news prior to the opening of Wall Street, concerning Binance leaving the Dutch market due to regulatory issues and being reportedly investigated in France, had no significant effect on the price.

BTC price may avoid $23,000 “cascade”

When it came to the BTC/USD market on short-term timeframes, traders exercised caution due to the possibility of further declines.

Three Bitcoin price metrics are displaying remarkable resemblances to the breakout in 2020.

Van de Poppe and Crypto Tony both contended that the bottom around $24,500 needed to be maintained.

“No alteration has been made to my perspective,” Moustache, another trader, persisted, expanding the view to the weekly chart.

Moustache commented on the inverse head-and-shoulders pattern that had been in effect during the past year.

Earlier in November, as reported by Cointelegraph, Mikybull Crypto, a trader, suggested that if the issue were to be resolved successfully, it could lead to a surge in the price of Bitcoin to $40,000.

The magazine states that Bitcoin is heading towards the goal of achieving ‘Net Zero’ emissions.

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