Bitcoin ETF Impulse Fuels ‘Stunning’ $29K BTC Price Breakout

Bitcoin (BTC) soared to $29,000 on June 21 as massive buying fueled fresh sentiment.

Analyst: “Extremely Likely” to be $29,000 Fake

Data from Cointelegraph Markets Pro and trading view BTC/USD reached $29,014 on Bitstamp – its highest since May 7th.

The pair continued to garner buyer interest overnight, coming on the back of a number of announcements related to new bitcoin-focused institutional investment products.

It’s not a small squeeze, but someone is just buying $BTC Very.

I repeat.

It’s not a small squeeze, but someone is just buying $BTC Very. pic.twitter.com/mPZzN317A8

— Ki Young Joo (@ki_young_ju) June 21, 2023

For analysts, who had previously been concerned about the strength of the overall market, the latest action was cause for a slight rethink.

“Stunning BTC Breakout Beyond Multi-Month Downtrend,” said popular trader and analyst Rekt Capital. reacted,

“There is little chance that this will end up as a reversal like the previous months.”

The day before, with momentum already on the upside, Rekt Capital nevertheless cautioned that a weekly candle close was necessary to confirm a substantial trend change.

“A BTC weekly candle close beyond a multi-month downtrend would be confirmation of a major breakout. That said, a $BTC dip in a downtrend for a successful retest would provide full confirmation of the breakout,” he now couple,

“The retest area is ~$26800.”

fellow crypto trader Tony meanwhile Ongoing Bitcoin may hit its upside target “earlier than expected”.

“Like I said, if we don’t lose the $25,000 support area on bitcoin, there is no bearish control yet,” he added. Argument,

“As soon as we saw the bulls coming, that was our long to cue. Plan and execute.

Others were more conservative, with both Dan Crypto Trades and Michael van de Poppe, founder and CEO of trading firm Eight, exposure Long positions were closed at the $29,000 mark.

van de poppe was still where did it go That BTC/USD is now headed towards $38,000 or higher.

Proves Only Short-Term Holder Support

In regards to support levels, on-chain analytics firm Glassnode took the opportunity to underscore the importance of the short-term holder (STH) cost basis.

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At $26,400, the STH cost basis was now a formidable line in the sand, which BTC/USD made a strong comeback after placing STH in the unsustainable loss zone.

“26,550 remains an important baseline in determining market trend,” tweeted Glassnode, referring to previous research covered by Cointelegraph.

“The recent divergence below STH-CB was not conclusive, resulting in a correction of the prevailing uptrend.”

The 200-week moving average, another key bear market support line, is currently residing near the mid-$26,000 area.

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This article does not constitute investment advice or recommendations. Every investment and trading move involves risk, and readers should do their own research when making decisions.