Bitcoin has crossed the $30,000 threshold, fanned by growing institutional interest and favorable technical indicators. The potential approval of bitcoin spot exchange-traded funds (ETFs) is also being considered. Nonetheless, what lies ahead for this widely-used cryptocurrency remains to be seen.
Bitcoin (BTC), the biggest cryptocurrency in the world, has risen above the $30,000 mark once again. This is noteworthy as BTC last reached this level back in April.
BTC 3-month price chart | Source: CoinMarketCap
There has been a recent resurgence in the crypto market due to increased interest from institutional investors and recent developments, such as the filing of bitcoin ETFs. The launch of a crypto exchange backed by Wall Street has also helped create positive momentum.
EDX MARKETS: A NEW CRYPTO EXCHANGE LAUNCHES BACKED BY WALL STREET GIANTS
EDX Markets, a non-custodial cryptocurrency exchange, has begun operations with support from Citadel Securities, Fidelity Investments, and Charles Schwab.
Unlike traditional exchanges, EDX focuses on… pic.twitter.com/UV8OF8zBwe
— Forexblog (@Forexblog_) June 20, 2023
Bitcoin’s break from tech stocks
BTC appears to be charting a different course, deviating from the usual trend of risk assets like tech stocks.
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Over the past seven days, BTC rallied 18% and is currently trading at $30,173 as of June 23. In contrast, the NASDAQ composite dropped by over 1% during the same timeframe.
JUST IN: “Nearly all FOMC participants expect it will be appropriate to raise interest rates somewhat further by the end of 2023” – Jerome Powell
NASDAQ reacts negatively to this quote, by falling -1.00%, while S&P500 falls -0.26%, Dow Jones rises by +0.1% pic.twitter.com/k3RQS757ke
— Gafar Investments (@gafar_invest) June 21, 2023
Bitcoin could experience a significant boost if an ETF is approved. The SEC has been hesitant to approve a bitcoin ETF, but BlackRock, Invesco, and WisdomTree are challenging this resistance. They have presented applications that include measures to prevent market manipulation.
If these applications are approved, there could be a surge in institutional adoption of bitcoin thereby supporting prices.
87 billion dollar big Wisdom Tree is filing for a Bitcoin ETF!
Someone knows something we don’t.
4 massive assets managers apply for BTC ETFs in a week.
Wall Street has played the crypto market hard.
— Lark Davis (@TheCryptoLark) June 21, 2023
Analysts are bullish but cautious
Crypto analysts on Twitter are divided amidst the surge. Crypto Rover has set an optimistic price target of $52,000, reflecting a bullish outlook on the market.
#Bitcoin Cup & Handle
Different Approach, same price target.
Target: $52,000 pic.twitter.com/ltb8Pn7bpW
— Crypto Rover (@rovercrc) June 22, 2023
Meanwhile, CryptoCon took a more cautious approach, suggesting a target of $38,000, signaling a potentially gradual price increase.
At $31,000, #Bitcoin hit a hard wall on the volume profile…
But now that support has been made on a lower zone, the only logical thing to expect is a surge to the next area of resistance
The target: $38,000
Big things are coming to those that were patient for them! ???? pic.twitter.com/IWcmGyNULQ
— CryptoCon (@CryptoCon_) June 20, 2023
Stockmoney Lizards anticipates a potential pre-halving target of $48,000 by April 2024.
#Bitcoin possible pre-halving target 48k (till April 2024). pic.twitter.com/Ot7q1QCif4
— Stockmoney Lizards (@StockmoneyL) June 18, 2023
Moreover, with this rebound, bitcoin appears to be nearing a golden cross event – a bullish market trend marked by the 50-day moving average crossing above the 200-day moving average.
#Bitcoin – Update$BTC is about to make the first golden cross of the MA20/200.
This has NEVER happened before.????
The death cross in Sep. 2022 happened just before the FTX-Crash.
Why do I have a feeling, we’re going to see a big green candle soon? pic.twitter.com/kbFB6GiomK
— ????????????????????????????ⓗ???? ???? (@el_crypto_prof) June 20, 2023
This prediction contrasts sharply with the death cross witnessed in September 2022, which led to the FTX crash.
Eyes on the BTC weekly chart
While the market seems firm and heading upward, traders and analysts advise caution. A crypto analyst, Rekt Capital believes that bitcoin’s recent breakout is a good sign. However, it must maintain a position above $27,500 for the upward trend to continue.
#BTC has broken out beyond the multi-month downtrend (blue)
But can it perform a Weekly Close beyond this downtrend to fully confirm the breakout?$BTC #Crypto #Bitcoin pic.twitter.com/k0dnz1eMoe
— Rekt Capital (@rektcapital) June 20, 2023
Bitcoin’s weekly performance is being closely watched to confirm the sustainability of its recent breakout. Its ability to maintain $30,000 and the possibility of an ETF approval will greatly affect its future direction.
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