April 19, 2024
Latest Cryptocurrency News

Bitcoin Roars Back to $30,000 After Wall Street Open

Bitcoin (BTC) surged back to $30,000 following the Wall Street open on June 21, marking a significant continuation of the gains seen throughout the week. According to data from TradingView and Cointelegraph Markets Pro, Bitstamp recorded a new multi-month high of $30,340.

The price action of BTC remained intense throughout the day as bullish investors capitalized on the strength, which was attributed to various announcements in the traditional finance sector about the potential launch of a Bitcoin exchange-traded fund (ETF).

As a result, BTC/USD managed to recover from several weeks of decline, with a gain of over 20% from the local lows below $24,800 witnessed on June 15. Traders set short-term targets, and Material Indicators, an on-chain monitoring resource, identified the $30,000 level as a crucial hurdle to overcome.

Material Indicators shared a screenshot of the BTC/USD order book on Binance, highlighting the growing resistance at $30,000. The comment accompanying the screenshot stated, “Watching to see how much bid liquidity moves into the active trading range to serve as support.”

The ongoing testimony of Jerome Powell, Chair of the United States Federal Reserve, before the House Financial Services Committee was referenced by Material Indicators. It anticipated potential volatility resulting from Powell’s testimony, stating, “Don’t really expect #JPow to reveal any surprises with his testimony, but these events usually deliver some volatility.”

The United States had already garnered attention from participants in the crypto market, with the ETF announcements fueling renewed accumulation during Western trading hours. Maartunn, a contributor at on-chain analytics platform CryptoQuant, stated, “The Americans are buying.” Additionally, an accompanying chart demonstrated the premium of BTC/USD on U.S. exchange Coinbase compared to the largest global exchange Binance, indicating strong buying pressure on the day.

Some individuals directed their focus towards what they considered to be more organic BTC price action compared to recent local highs. Scott Melker, a popular trader and analyst known as “The Wolf of All Streets,” echoed the sentiments of Rekt Capital and expressed hope for further continuation. He shared on Twitter, “This Bitcoin move is spot driven, with minimal liquidations and shorts STILL piling in. Further, spot volume today is as much as yesterday already with 10 hours left in the candle. This is the real deal.” An accompanying chart illustrated the trading volume leading up to the $30,000 mark.

Image by fabrikasimf on Freepik

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