Bitcoin price eyes $26K ‘acceleration’ zone as Binance fears fade

Bitcoin (BTC) is heading towards an important region after the June 16 Wall Street opening, with its recovery from three-month lows still ongoing.

Bitcoin reinforces rebound from multi-month lows

Data from Cointelegraph Markets Pro and TradingView indicated that the BTC/USD pair was close to $26,000 on Bitstamp.

The price of BTC has recovered from its lowest point since the beginning of March, despite the continued presence of regulatory and macroeconomic pressures.

For Michaël van de Poppe, the founder and CEO of Eight trading firm, the $26,000 mark was a significant level for the bulls to overcome.

He reminded his Twitter followers that a long weekend was approaching due to the upcoming Martin Luther King Jr. holiday on June 16 in the U.S.

“Breaking the $26K mark is a key point for Bitcoin. If that happens, we will see some momentum. I am still holding my position, even if we drop to $24.4K.”

The $24,400 area of interest on the downside was already a focus for many well-known traders.

Among them was Daan Crypto Trades, who forecasted a return close to $26,000 in the context of a wedge formation on shorter time frames.

“Jelle, another trader, tweeted that the dip to $24,000 was a great opportunity and that he was prepared for a bull market,” part of the day’s tweets read.

Market joins Binance CEO dismissing France “FUD”

On June 16, another testing day was established for major exchange Binance, with France initiating investigative proceedings shortly after Binance declared that it would be leaving the Netherlands due to regulatory issues.

Three Bitcoin price metrics are exhibiting “insane” resemblances to the 2020 breakout.

Markets seemed unaffected by the news, and, as usual, Binance CEO Changpeng Zhao, nicknamed CZ, referred to the France incident as “FUD.”

“France is accustomed to conducting surprise inspections of regulated businesses, including banks and now cryptocurrency firms, without prior notification. Binance France was recently subject to one of these surprise visits a few weeks ago. It is not something that is novel; Binance France fully cooperated,” he said in his tweet.

Binance’s own cryptocurrency, BNB (BNB), seemed to be just as strong, reaching a high of $240 on the day.

The magazine states that Bitcoin is heading towards meeting its goal of achieving “Net Zero”.

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