Bitcoin headed for “core territory” after Wall Street opened on June 16 as it continued to recover from three-month lows.
Bitcoin strengthens rebound from multi-month lows
Data from Cointelegraph Markets Pro and TradingView showed BTC/USD approaching $26,000 on Bitstamp.
Bitcoin (BTC) price was built on a one-day rebound from the lowest levels since early March in continued action regulatory and macroeconomic pressures.
For Michaël van de Poppe, founder and CEO of trading firm Eight, $26,000 was the key level for the bulls to turn around.
“The long weekend comes with a bank holiday on Monday,” he said he said Twitter followers referring to the June holiday in the United States.
“For Bitcoin, the key breakout area is $26k. If it breaks, we will have some acceleration. I’m still long, I’d still like it if we hit $24.4K as well.”
This negative area of interest was $24,400 already in the spotlight for various popular merchants.
Among them was Daan Crypto Trades, who predicted a return closer to $26,000 as part of a narrowing wedge structure in place on the lower time frames.
#Bitcoin Low time frame:
It is still struggling to break the weekly VWAP.
You can clearly see him rejecting the prize every time we touch him.
A break above should lead to another leg to the May lows around 25.8-25.9K.
The support costs 25.3 thousand dollars. pic.twitter.com/kIjeRdaMiN
— Daan Crypto Trades (@DaanCrypto) June 16, 2023
“This drop to $24,000 is a great opportunity,” fellow trader Jelle wrote in a series of tweets today, adding that the Twitter user was “prepared for a bull market.”
My game plan remains unchanged.
I started buying around $16,500 and if we trade below $30,000 I will continue to buy after the pullback.
This drop to $24,000 is a great opportunity.
He bought more #Bitcoin – ready for a bull market. pic.twitter.com/R78ZUu7SPI
— Jelle (@CryptoJelleNL) June 16, 2023
Market joins Binance CEO dismisses France ‘FUD’
June 16, meanwhile, marked another test for major exchange Binance, with France launching an investigation hours after it was announced that Binance to leave the Netherlands altogether through regulatory difficulties.
Related: 3 Bitcoin Price Metrics Showing ‘Crazy’ Similarities to 2020 Breakout
But markets seemed immune to the news, with Binance CEO Changpeng Zhao, known as CZ, calling the France episode in typical fashion “FUD” – fear, uncertainty and doubt.
“France, surprise (unannounced) on-site inspections of regulated businesses are the norm for banks and now for cryptocurrencies. Binance France made a surprise visit a few weeks ago. It’s not ‘news’. Binance France has cooperated fully,” he said he tweeted on that day.
“Binance is also not the only regulated crypto store. This has also happened to other well-known crypto businesses in Paris. Binance France continues to be our flagship hub in Europe.”
Binance’s internal token, BNB (BNB), it appeared similarly durablewhich rose to $240 per day.
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This article does not contain investment advice or recommendations. Every investment and trading step involves risk and readers should do their own research when making decisions.