Bitcoin price eases downside as traders demand $24.5K support holds
While little changed, BTC price monitors hope that a “cascade” to $23,000 can be avoided.
Bitcoin (BTC) recovered some lost ground on June 16 as markets shook off mixed United States macro signals.
BlackRock Bitcoin ETF plan buoys markets
Data from Cointelegraph Markets Pro and TradingView showed BTC/USD circling $25,500 on Bitstamp, after bouncing around $1,000 from the previous day’s lows.
Popular trader Skew followed moves on major exchange Binance around the price action, uncovering concerted buying efforts at the lows. Sellers subsequently stepped in closer to $26,000.
$BTC Sellers found more coins https://t.co/wuHmiYVLrc pic.twitter.com/04bUfGHp3Q
— Skew Δ (@52kskew) June 15, 2023
The uptick occurred in step with news that the world’s largest asset manager, BlackRock, had filed to list a spot Bitcoin exchange-traded fund (ETF).
For Michaël van de Poppe, founder and CEO of trading firm Eight, this formed a positive contrast to the slew of negative events concerning crypto regulation over the past ten days.
“Blackrock filing for an ETF is bullish for Bitcoin,” he told Twitter followers.
“It’s amazing that, all of a sudden, a week after the entire crackdown of the SEC on Crypto, big parties jump in. They just want to rule the markets, simple. But all-in-all, some positive signs for the markets.”
Subsequent news pre-Wall Street, which focused on Binance quitting Dutch markets — likewise due to regulatory hurdles — as well as reportedly being under investigation in France, had little impact on price performance.
BTC price may avoid $23,000 “cascade”
When it came to BTC/USD on short timeframes, traders remained cautious amid risk of further downside to come.
Related: 3 Bitcoin price metrics showing ‘insane’ similarities to 2020 breakout
Both Van de Poppe and popular trader Crypto Tony argued that the lows around $24,500 needed to hold.
So far, so good #Bitcoin https://t.co/CP5l2dh2IB
— Michaël van de Poppe (@CryptoMichNL) June 16, 2023
Spiked back up the support zone, so for me i am long scalping this up to $26,000 – $26,500. Only while we hold the lows put n yesterday pic.twitter.com/pd3bBHALRg
— Crypto Tony (@CryptoTony__) June 16, 2023
“Nothing has changed in my view,” fellow trader Moustache continued, zooming out to the weekly chart.
“Fakeouts are always possible, but it should be mentioned that $BTC is back in a falling wedge. – Retest of an Inverse Head & Shoulder-Pattern in the form of a Falling Wedge.”
Moustache referred to the inverse head and shoulders chart pattern playing out over the past year.
Earlier this month, as Cointelegraph reported, trader Mikybull Crypto argued that a successful resolution could spark a run to $40,000.
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This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.
