Bitcoin (BTC) returned to $30,000 after the Wall Street open on June 21, in a triumphant follow-up to the week’s gains.
The price of Bitcoin destroys the traces of a recession of several weeks
BTC continued to rise throughout the day as bulls took full advantage of the strength, which had come on the back of several legacy finance announcements calling for the launch of a Bitcoin exchange-traded fund (ETF).
Thus, the BTC/USD pair erased several weeks of declines, adding more than 20% against local lows below $24,800 recorded on June 15.
$32,000 #BITCOIN IS A MAJOR RESISTANCE ZONE ON BTC, SO THIS IS MY MAIN BITCOIN TARGET
NO NEED TO GET GREEY ON THIS PUMP. WE KNOW HOW QUICK THINGS CAN CHANGE pic.twitter.com/mdj2YvnakW
— Crypto Tony (@CryptoTony__) June 21, 2023
BITCOIN AT $32,000 IS A MAJOR RESISTANCE ZONE FOR BTC SO THIS IS MY MAIN TARGET IN BITCOIN
NO NEED TO BE GREEDY ON THIS PUMP. WE KNOW HOW QUICKLY THINGS CAN CHANGE
As traders lined up short-term goals, on-chain monitoring resource Material Indicators targeted $30,000 as an important level to break.
Uploading an image of the BTC/USD order book on Binance, he noted that “resistance at $30,000 is building.”
“Watching to see how much bid liquidity moves into the active trading range to serve as support,” he said.
“Don’t really expect #JPow to reveal any surprises with their testimony, but these events generally generate some volatility.”
Material Indicators referenced ongoing testimony by Jerome Powell, Chairman of the US Federal Reserve, before the House Committee on Financial Services.
The United States was already in the crosshairs of cryptocurrency market participants, and ETF announcements prompted a return to accumulation during Western trading hours.
“The Americans Are Buying” continuous Maartunn, a contributor to the on-chain analytics platform CryptoQuant.
“The intense bidding for Coinbase that took place yesterday began at a similar time to today.”
An accompanying chart showed the premium of the BTC/USD pair on US exchange Coinbase against the world’s largest exchange Binance, indicating “strong buying pressure” on the day.
Previously, Cointelegraph noted the change of ownership of the BTC supply from the US to China over the past year.
“The true business”
Others turned their attention to what they saw as more organic BTC price action compared to recent local highs.
Online With popular trader and analyst Rekt Capital, Scott Melker, the trader and podcast host known as “The Wolf of All Streets,” expected a follow-up.
“This Bitcoin move is spot driven, with low sell-offs and shorts continuing to accumulate. Also, spot volume today is as much as yesterday with 10 hours to go until the end of the candle.”, said to his Twitter followers.
“This is the real deal.”
An accompanying chart highlighted trading volume on the way up to $30,000.
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