{"id":50031,"date":"2023-06-21T10:19:59","date_gmt":"2023-06-21T10:19:59","guid":{"rendered":"https:\/\/lydian.io\/?p=50031"},"modified":"2023-06-21T10:20:02","modified_gmt":"2023-06-21T10:20:02","slug":"bitcoin-etf-momentum-leads-to-amazing-btc-price-breakout-from-29000","status":"publish","type":"post","link":"https:\/\/lydian.io\/bitcoin-etf-momentum-leads-to-amazing-btc-price-breakout-from-29000\/","title":{"rendered":"Bitcoin ETF momentum leads to \u201camazing\u201d BTC price breakout from $29,000","gt_translate_keys":[{"key":"rendered","format":"text"}]},"content":{"rendered":"
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Bitcoin (BTC) touched $29,000 on June 21 as heavy shopping for fueled a contemporary enhance in sentiment.<\/p>\n
BTC\/USD 1 hour chart. Supply: TradingView<\/p>\n
Information from Cointelegraph Markets Professional and TradingView<\/a> confirmed that BTC\/USD touched $29,014 on Bitstamp \u2013 its highest degree since Could seventh.<\/p>\n The pair loved sustained purchaser curiosity in a single day amid a number of bulletins of recent Bitcoin-focused institutional funding merchandise.<\/p>\n This is not a brief squeeze, it is simply somebody shopping for $BTC<\/a> lots.<\/p>\n I repeat.<\/p>\n This is not a brief squeeze, it is simply somebody shopping for $BTC<\/a> lots.https:\/\/t.co\/gkt9JiizM3<\/a> https:\/\/t.co\/46KZRb0AMS<\/a> pic.twitter.com\/mPZzN317A8<\/a><\/p>\n \u2014 Ki Younger Ju (@ki_young_ju) June 21, 2023<\/a><\/p>\n For analysts beforehand involved about total market energy, the newest transfer has prompted a slight rethink.<\/p>\n \"Implausible BTC breakout past multi-month downtrend,\" mentioned in style dealer and analyst Rekt Capital reacted<\/a>. <\/p>\n \"It is vitally unlikely that there will probably be an upward development like up to now few months.\"Annotated BTC\/USD chart. Supply: Rekt Capital\/Twitter<\/p>\n Nevertheless, the day earlier than, with the uptrend already in movement, Rekt Capital had warned that the weekly candle shut was wanted to verify a serious reversal.<\/p>\n \u201cA weekly BTC candle shut above the multi-month downtrend can be a terrific affirmation of the breakout. Nevertheless, a $BTC dip into the downtrend for a profitable retest would supply full affirmation of the breakout,\u201d he mentioned now added<\/a>. <\/p>\n \"The retest vary is round $26,800.\"<\/p>\n In the meantime Crypto Tony, a fellow dealer continuation<\/a> that Bitcoin might attain its upside goal \u201cprior to anticipated.\u201d<\/p>\n \u201cAs I mentioned, if we do not lose Bitcoin's $25,000 help zone then there is no such thing as a bearish management but,\u201d he mentioned justified<\/a>. <\/p>\n \u201cAfter we noticed the cops intervene, that was our sign to lunge. Plan and execute.\u201d<\/p>\n Others had been extra conservative, together with Daan Crypto Trades and Micha\u00ebl van de Poppe, founder and CEO of buying and selling firm Eight, Revealing<\/a> closed lengthy positions at $29,000.<\/p>\n