Bitcoin (BTC) reached new heights for the month after the June 20 Wall Street opening, while observers remained wary of market strength.
“No meaningful trend shift” for Bitcoin yet
Data from Cointelegraph Markets Pro and TradingView showed that the BTC/USD pair had reached $27,499 on Bitstamp.
The pair reached its highest marks since May 31, with the return of United States market trading contributing to its growth. Compared to the previous day’s lowest points, the pair rose by approximately 4.2%.
Despite this, market participants who were cautious refrained from declaring a change in the short-term trend.
“In the context of this blue Lower High diagonal resistance, it is challenging to search for Daily breakout confirmation for BTC,” trader and analyst Rekt Capital stated, accompanied by an explanatory chart.
Rekt Capital further stated on Twitter that if Bitcoin can sustain its strength until the end of the week, there is a good possibility that it will break out of its current bearish trend.
He reiterated that, despite all the excitement, no significant change has taken place yet.
Crypto Tony, another trader, was slightly more hopeful, predicting a recovery to $27,500.
He commented alongside a chart, saying, “The trend line has been broken out, so let’s see if the bulls have the power to make this something special.”
New institutional crypto moves spark distrust
The rise in value was concurrent with news that Deutsche Bank, the world’s largest lender worth $1.4 trillion, had applied for authorization to secure crypto assets. This was the third announcement of its kind in the past week, after applications from BlackRock and Fidelity Investments for exchange-traded funds (ETFs).
New research suggests that the “sideways boredom” of Bitcoin prices may persist for up to 18 months.
EDX Markets, a crypto exchange with founding investors such as Fidelity, Charles Schwab and Citadel Securities, commenced operations on the day.
“Our aim is to bring the finest of traditional finance to the cryptocurrency markets, with an infrastructure designed by market professionals to incorporate the most important institutional protocols,” Jamil Nazarali, CEO of EDX, stated in a press release accompanying the announcement.
Against the backdrop of U.S. regulatory action against two of the largest existing exchanges, it was easy to be suspicious about the timing of the new products and applications.
Larry Lepard, an expert in asset management, further suggested that the multiple refusals of the Grayscale Bitcoin Trust, the largest Bitcoin institutional investment vehicle, to become an ETF should be taken into consideration.
Others were optimistic about the long-term beneficial effects on BTC price movements.
Scott Melker, a trader and podcast host known as “The Wolf of All Streets,” expressed in his day’s social media commentary that “Bitcoin is bullish. Everything has changed.”
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