bitcoin (BTC) hit new highs for the month after the Wall Street open on June 20, as observers remained cautious about market strength.
"There is no significant trend change" for Bitcoin yet
Data of Cointelegraph Pro Markets and TradingView showed that BTC/USD reached $27,499 on Bitstamp.
The pair saw its highest levels since May 31 as the return of the US market boosted its performance. Compared to the previous day's lows, gains totaled around 4.2%.
Despite this, cautious market participants failed to announce even a trend change on a low time frame.
"It's hard to look for a daily breakout confirmation for BTC against the backdrop of this high lower blue diagonal resistance," trader and analyst Rekt Capital commented together with an explanatory table.
โBecause $BTC has failed so many post-breakout tests on the daily time frame here. Better to keep an eye out for confirmation of the weekly time frame.โ
In more Twitter coverage, Rekt Capital aggregate that Bitcoin would have a "good chance" of breaking out of its current downtrend if strength held at the weekly close.
โBut there hasn't been any significant trend change yet, despite all the enthusiasm,โ he reiterated.
Fellow Crypto trader Tony was a bit more bullish, forecasting a return to $27,500.
โThe trend line is breaking as we speak, so let's see if the bulls have what it takes to turn this into something special,โ he said. commented next to a graph.
"Remember that $27,100 is a key level for bulls to turn into support tonight."
New Institutional Crypto Movements Arouse Mistrust
The rally accompanied news that Germany's largest bank, the $1.4 trillion lender Deutsche Bank, had applied for a license to guard crypto assets. This was the third such announcement in the past week, following requests for exchange-traded funds (ETFs) from BlackRock and Fidelity Investments.
Related: Bitcoin Price 'Side Boredom' May Last 18 Months: New Research
EDX Markets, a new cryptocurrency exchange with founding investors including Fidelity, Charles Schwab, and Citadel Securities, opened for business that day.
โWe are committed to bringing the best of traditional finance to the cryptocurrency markets, with an infrastructure built by market experts to incorporate key institutional best practices,โ said EDX CEO Jamil Nazarali. commented in an attached press release.
In the context of US regulatory action against two of the largest exchanges in existence, suspicions about the timing of new products and applications were easy to spot.
Sorry, but after watching, Blackrock, Fidelity, Citadel, Schwab and now Deutsche Bank all request #Bitcoin ETFs, spot exchanges, etc. just a few days after the SEC launched a TRO on Binance and sued Coinbaseโฆ how can you not think that the entire past year was one giant inside job?
โPreston Pysh (@PrestonPysh) June 20, 2023
Asset management guru Larry Lepard also aforementioned he repeated American rejections Grayscale Bitcoin Trust, the largest institutional investment vehicle for Bitcoin, plans to become an ETF for food.
Others were hopeful of the long-term positive impact on BTC price action.
โBitcoin is bullish. Everything Has Changed," retailer and podcast host Scott Melker, known as "The Wolf of All Streets." wrote in part of the social media comment of the day.
"Whether you think the Wall Street intrusion is good or bad is irrelevant... it should help the price of Bitcoin."
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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.
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