At the June 26 Wall Street open, Bitcoin (BTC) stayed around the $30,500 mark, with bulls maintaining their grip on the newfound support.
Bitcoin ETF hype puts demands on U.S. session
Data from Cointelegraph Markets Pro and TradingView indicated that BTC prices stayed around $30,000 as the week ended.
At the start of the week, the biggest cryptocurrency held steady as U.S. markets opened, with onlookers hoping for a repeat of the previous week’s performance.
The U.S. had then been responsible for the majority of buyer interest, due to numerous declarations of institutional product offerings based on the Bitcoin spot price.
“During the US Stock Market Open Hours last week, Daan Crypto Trades observed that most of the activity and buying pressure occurred then,” the popular trader remarked on the day.
Skew, another trader, concurred, terming the June 26 U.S. trading session as “significant”.
Glassnode, an on-chain analytics company, verified the trend, implying that it could be part of a more lasting transformation due to the U.S. exchange-traded fund (ETF) filings.
“In the latest edition of their weekly newsletter, ‘The Week On-Chain’, there were indications of a resurgence of US-driven demand as a multitude of institutional-grade ETF applications have been submitted in the US.”
Analyst: Snap BTC price correction “highly unlikely”
Decentrader, a trading suite, has identified a key resistance level that is now above the Bitcoin (BTC) price.
Is the BTC price up despite weak fundamentals? 5 things to be aware of concerning Bitcoin this week.
The two-year moving average (MA) of this was just over $32,800.
“It has been observed historically that the two-year moving average has offered a great accumulation opportunity prior to the subsequent halving cycle,” according to a Twitter analysis.
A chart that accompanied the data displayed a 2-year moving average along with a trend line that was five times its value, implying that an upside is likely after a breakout above the moving average.
Shorter time frames indicated a lack of interest in selling BTC at its current levels, raising optimism that the uptrend will resume.
Others continued to search for chances to “invest while prices are low,” with popular trader Crypto Chase citing $29,000 as an example.
Rekt Capital, a trader and analyst, reiterated that the outlook for Bitcoin is still robust, and any potential corrections are expected to be minor.
He reasoned that it was highly unlikely for another deep correction to occur right after the BTC correction ended so convincingly.
The Hodler’s Digest for June 11–17 discusses the potential risk to Gary Gensler’s job, BlackRock’s first Bitcoin ETF, and other news.
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