BTC price performance goes sideways, but Bitcoin bulls retain $30,000 as support after the weekly close.
Bitcoin (BTC) circled $30,500 at the June 26 Wall Street open as bulls held newfound support.
Bitcoin ETF hype puts demands on U.S. session
Data from Cointelegraph Markets Pro and TradingView showed BTC price action retaining $30,000 around the weekly close.
The largest cryptocurrency began the week on a stable note as U.S. markets began trading, with observers hoping for a copycat move from the week prior.
Then, the United States provided the lion’s share of buyer interest, following multiple announcements of institutional product applications based on the Bitcoin spot price.
“Last week, most action and buying pressure, happened during the US Stock Market Open Hours,” popular trader Daan Crypto Trades noted on the day.
Fellow trader Skew agreed, calling the June 26 U.S. trading session “important.”
$BTC Aggregate CVDs & Delta
Spot buying led the bounce into the weekly open ($30,447) ; some perp hedging seen here (Perp CVD lower compared to price / Spot CVD)US session going to be more important (has driven price direction persistently recently) pic.twitter.com/mfzfSnx5OB
— Skew Δ (@52kskew) June 26, 2023
On-chain analytics firm Glassnode confirmed the trend, suggesting that it could form part of a more long-term shift thanks to the U.S. exchange-traded fund (ETF) filings.
“As a gold rush of institutional-grade ETF applications are filed in the US, we have seen early signs of a revival of US-led demand,” it wrote in the latest edition of its weekly newsletter, “The Week On-Chain.”
These charts are not necessarily predictions, but rather where I see opportunity and am looking to do business. pic.twitter.com/xqHv2QhZJr
— Crypto Chase (@Crypto_Chase) June 26, 2023
Trader and analyst Rekt Capital reiterated that the overall picture for Bitcoin remained one of strength, with any potential retracements set to be shallow in nature.
“When a BTC correction ends so convincingly… It’s highly unlikely another deep correction occurs right after,” he reasoned.
“Any downside would likely be dips as part of new uptrend continuation.”
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.