Bitcoin (BTC) headed towards a “crunch zone” after the Wall Street open on June 16, as the rally from three-month lows continued.
Bitcoin strengthens its rebound from multi-month lows
The BTC price rallied overnight from its lowest levels since early March, amid the regulatory pressures and macroeconomics.
For Michaël van de Poppe, founder and CEO of trading firm Eight, $26,000 represented a key level that bulls should turn into support next.
“The long weekend is coming up with the bank holiday on Monday,” said to his Twitter followers, in reference to the June 16 holiday of Martin Luther King Jr. in the United States.
“For Bitcoin, the crucial area to break is $26,000. If that breaks we get some acceleration. I’m still long, I’d be long if we hit $24,400 as well.”
That $24,400 bearish zone of interest was already in the crosshairs of several popular traders.
Among them was Daan Crypto Trades, which predicted a return closer to $26,000 as part of a narrowing wedge structure in place on shorter time frames.
#Bitcoin Low time frame:
Struggling to break the Weekly VWAP so far.
You can clearly see how it’s rejecting price every time we’ve touched it.
A break above, should lead to a next leg into the May lows around 25.8-25.9K.
Support sits at $25.3K. pic.twitter.com/kIjeRdaMiN
— Daan Crypto Trades (@DaanCrypto) June 16, 2023
“This drop to $24,000 is a great opportunity,” the trader also wrote; Jelle, in part of his tweets of the day, adding that he was “ready for the bull market.”
My game plan remains unchanged.
I started buying around $16,500, and so long as we trade below $30,000 – I will continue to buy on pullbacks.
This dip into $24,000 is a great opportunity.
— Jelle (@CryptoJelleNL) June 16, 2023
Exchange Joins Binance CEO in Denying France’s “FUD”
Meanwhile, June 16 was another test day for major exchange Binance, with France launching investigative proceedings hours after an announcement that Binance would be leaving the Netherlands entirely due to regulatory difficulties.
Markets seemed immune to the news, however, and Binance CEO Changpeng Zhao characteristically called the France episode “FUD.”
“In France, surprise (unannounced) on-site inspections of regulated companies are the norm, for banks, and now also for cryptocurrencies. The surprise visit to Binance France happened a couple of weeks ago. It is not ‘news’. Binance France fully cooperated,” tweeted that day.
“Binance is also not the only cryptocurrency company that was inspected. This has also happened to other well-known cryptocurrency companies in Paris. Binance France remains our flagship hub in Europe.”
Binance’s native token, BNB (BNB), looked similarly resistant, rising to $240 on the day.
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