Bitcoin (BTC) hit $29,000 on June 21as large-scale buying led to a fresh boost in bullish sentiment.
BTC/USD pair hit $29,014 on Bitstamp
The pair enjoyed continued buying interest overnight, following multiple announcements about new bitcoin-focused institutional investment products.
This is not a short squeeze, but someone(s) is just buying $BTC a lot.
— Ki Young Ju (@ki_young_ju) June 21, 2023
This is not a short squeeze; someone is buying a lot of BTC. I repeat: this is not a short squeeze, but someone is buying a lot of BTC.
For analysts previously concerned about the overall strength of the market, the latest action was cause for a modest rethink.
“It has been a fantastic breakout for BTC beyond the multi-month downtrend,” reacted popular trader and analyst Rekt Capital.
“It is very unlikely that this will end as a bullish wick as in previous months.”
The day before, with the hikes already underway, Rekt Capital had warned that the closing of the weekly candle was necessary to confirm a substantial trend change.
“A BTC weekly candle close beyond the multi-month downtrend would be great breakout confirmation. That being said, a BTC drop for a successful retest would offer full confirmation of the breakout,” added now.
“The retest area is ~$26,800.”
Your trading partner crypto tony opined that bitcoin could hit its bullish target “ahead of schedule.”
“As soon as we saw the bears step in, that was our cue to go long. Plan and execute.”
Others were more conservative, and both Daan Crypto Trades as Michaël van de Poppe, founder and CEO of the trading firm Eight, revealed Long positions closed at the $29,000 mark.
Van de Poppe, however, he claimed that the BTC/USD pair was on its way to $38,000 or more.
short term support
Regarding support levels, the on-chain analysis firm Glassnode took the opportunity to underscore the importance of the Short Term Holder (STH) cost base..
At $26,400, short-term holders’ cost base was now a formidable line in the sand; The BTC/USD pair bounced sharply after driving short-term holders into unrealized loss territory.
“$26,550 remains a significant baseline to determine market trend,” Glassnode tweeted.referring to a previous investigation covered by Cointelegraph.
“The recent deviation below the STH-CB was not decisive, culminating in a reclaim of the prevailing uptrend.”
The 200-week moving average (MA), another key bear market support line, is also near the $26,000 midzone.
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