Bitcoin ETF impulse fuels ‘fantastic’ $29K BTC price breakout

bitcoin (BTC) hit $29,000 on June 21 as large-scale buying fueled fresh sentiment.

Analyst: $29,000 becoming a "highly unlikely" fake

Data of Cointelegraph Pro Markets and TradingView showed that BTC/USD reached $29,014 on Bitstamp, its highest level since May 7.

The pair enjoyed continued interest from buyers overnight, due to multiple announcements about new Bitcoin-focused institutional investment products.

This is not a short squeeze, but someone(s) is just buying $BTC a lot.

I repeat.

This is not a short squeeze, but someone(s) is just buying $BTC a lot.https://t.co/gkt9JiizM3 https://t.co/46KZRb0AMS pic.twitter.com/mPZzN317A8

— Ki Young Ju (@ki_young_ju) June 21, 2023

For analysts, who were previously concerned about the overall strength of the market, the latest action was cause for a modest rethink.

“Fantastic BTC Breakout Beyond Multi-Month Downtrend,” Popular Trader and Analyst Rekt Capital reacted.

"It is very unlikely that this will end as a wick to the upside as in previous months."

The day before, with the upside already in motion, Rekt Capital, however, had warned that the weekly close of the candlestick 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 drop of $BTC in the downtrend for a successful retest would offer full confirmation of the breakout,” now aggregate.

"The retest area is ~$26800."

Meanwhile, fellow Crypto trader Tony continued that Bitcoin could reach its bullish target “ahead of schedule”.

“As I said, if we don't lose the support zone on Bitcoin at $25,000, then there is no bearish hold yet,” he said. reasoned.

“As soon as we saw the passing of the bulls, that was our signal to go. Plan and execute”.

Others were more conservative, with Daan Crypto Trades and Michaël van de Poppe, founder and CEO of trading company Eight, developer closed long positions at the $29,000 mark.

Van de Poppe did not have fixed that BTC/USD was now on its way to $38,000 or higher.

The short-term support of the incumbent is demonstrated

Regarding support levels, on-chain analytics firm Glassnode took the opportunity to underscore the importance of the short-term holder's (STH) cost base.

Related: Bitcoin Price 'Side Boredom' May Last 18 Months: New Research

At $26,400, STH's cost basis was now a formidable line in the sand, which BTC/USD rallied strongly after placing STH into unrealized loss territory.

“26,550 remains a significant baseline to determine market trend,” Glassnode tweeted, referring to previous research. covered by Cointelegraph.

"The recent deviation below the STH-CB was not decisive and culminated in a recovery of the prevailing uptrend."

The 200-week moving average, another key bear market support line, is currently near the $26,000 mid-zone as well.

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This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should do their own research when making a decision.