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Bitcoin (BTC) hit new highs for the month at the June 20 Wall Street open as observers remained cautious on market strength.
“No Meaningful Trend Change” For Bitcoin Yet
Data from Cointelegraph Markets Pro and trading view BTC/USD reached $27,499 on Bitstamp.
The pair hit its highest level since May 31 as the return of United States market trade boosted its performance. The overall gain was around 4.2% compared to the previous day’s low.
Despite this, wary market participants refrained from calling even the shorter time frame trend reversals.
“It is difficult to look for daily breakout confirmation for BTC in the context of this blue lower higher diagonal resistance,” said trader and analyst Rect Capital. commented With an explanatory chart.
“Because here $BTC has failed multiple times after breakouts on the daily time frame. Better to watch out for confirmation on the weekly time frame.
In further Twitter coverage, Rekt Capital couple That said, bitcoin will have a “good chance” of breaking out of its current downtrend should it consolidate to a weekly close.
“But despite all the enthusiasm, there has yet to be any meaningful trend-change,” he reiterated.
Fellow trader Crypto Tony was a bit more optimistic, predicting a return to $27,500.
“The trend line is breaking as we speak, so let’s see if the bulls have what it takes to turn this into something special,” he commented with a chart.
“Remember that $27,100 is a key level to rally as bull support tonight.”
New Institutional Crypto Sparks Increasing Mistrust
The news came that Germany’s largest bank, the $1.4 trillion lender Deutsche Bank, had applied for a license to custody crypto assets. This was the third similar announcement in the past week, following exchange-traded fund (ETF) applications from BlackRock and Fidelity Investments.
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EDX Markets, a new crypto exchange with founding investors including Fidelity, Charles Schwab and Citadel Securities, opened its doors that day.
“We are committed to bringing the best of traditional finance to the cryptocurrency markets, with an infrastructure built by market experts to embed leading institutional best practices,” Jameel Nazrali, CEO of EDX, commented alongside. Press release,
Against the backdrop of US regulatory action against the two largest existing exchanges, it was easy to spot skepticism over the timing of the new product and application.
I’m sorry but after looking, Blackrock, Fidelity, Citadel, Schwab and now Deutsche Bank, all apply for #bitcoin ETFs, spot exchanges etc, just days after the SEC dropped the TRO on Binance and sued Coinbase… how can you not imagine that this entire past year was a huge inside job…
— Preston Pysh (@PrestonPysh) June 20, 2023
asset management guru larry leppard quoted additionally Grayscale Bitcoin Trust (GBTC), the largest bitcoin institutional investment vehicle, has repeatedly dismissed US plans to convert to ETFs as food for thought.
Others were hopeful for a long-term positive effect on BTC price action.
“Bitcoin is bullish. Everything has changed,” said trader and podcast host, Scott Melker, known as “The Wolf of All Streets”. wrote In part of the social media commentary of the day.
“Whether you think the Wall Street intrusion is good or bad is irrelevant… it should help bitcoin price.”
The Magazine: Bitcoin on a collision course with ‘net zero’ promises
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.
