Bitcoin (BTC) surged around $30,500 on Wall Street at the market open on June 26 as bulls found fresh support.
BTC/USD 1 hour chart. Source: TradingView
Bitcoin ETF hype makes demands on US session
Data from Cointelegraph Markets Pro and TradingView showed BTC price action remaining around $30,000 around the weekly close.
The largest cryptocurrency started the week on a steady footing as US markets started trading, with watchers hoping for a mimic of the previous week.
Back then, the US had provided the lion’s share of buyer interest after announcing several institutional product filings based on the bitcoin spot price.
“Last week, most of the action and buying pressure occurred during US stock market hours,” popular trader Daan Crypto Trades noted on the day.
His trading colleague Skew agreed, calling the US trading session on June 26 “important”.
On-chain analytics firm Glassnode confirmed the trend, suggesting it could be part of a longer-term shift thanks to U.S.-filed exchange-traded funds (ETFs).
“As a gold rush of institutional ETF applications is being filed in the US, we have seen early signs of a revival in US-led demand,” the company wrote in the latest edition of its weekly newsletter, The Week On-Chain. ”
“This comes after a period of weaker US relative demand in 2023, with top exchanges in Asia posting their strongest accumulation so far this year.” Annotated BTC/USD chart. Source: Daan Crypto Trades/Twitter
Analyst: Rapid BTC price correction ‘highly unlikely’
As for the BTC price action itself, the Decentrader trading suite has spotted a key resistance level that is now above us.
Related: BTC Price Up, Fundamentals Down? 5 things to know about Bitcoin this week
This came in the form of a two-year moving average (MA) just above $32,800.
“Historically, the 2-year MA presented a fantastic accumulation opportunity ahead of the next halving cycle,” reads part of the Twitter analysis.
An accompanying chart showed the 2-year MA as well as the trendline reflecting five times its value, suggesting that breakouts above the former are followed by an uptrend.
Annotated BTC/USD chart with moving average data. Source: Decentrader/Twitter
Shorter timeframes also showed a lack of interest in shorting BTC at current levels, raising hopes for a resumption of the uptrend.
Others continued to look for potential opportunities to “buy the drop,” with popular trader Crypto Chase citing $29,000 as an example.
Trader and analyst Rekt Capital reiterated that the overall picture for Bitcoin remains one of strength and any potential pullbacks are more superficial.
“If a BTC correction ends so convincingly…it is highly unlikely that another deep correction will follow immediately,” he argued.
“Any downtrend would likely be a pullback as part of a new uptrend continuation.”BTC/USD 1-day chart. Source: TradingView
Magazine: Gary Gensler’s Job in Jeopardy, BlackRock’s First Spot Bitcoin ETF and Other News: Hodler’s Digest, 11-17 May June
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