An ongoing recovery from U.S. macroeconomic policy updates could spell more sustained progress for BTC price into the holiday weekend.
Market Update
Bitcoin (BTC) headed toward a “crucial area” after the June 16 Wall Street open as a recovery from three-month lows continued.
Bitcoin reinforces rebound from multi-month lows
Data from Cointelegraph Markets Pro and TradingView showed BTC/USD nearing $26,000 on Bitstamp.
BTC price built on an overnight rebound from its lowest levels since early March amid ongoing regulatory and macroeconomic pressures.
For Michaël van de Poppe, founder and CEO of trading firm Eight, $26,000 represented a key level for bulls to flip next.
“Long weekend is coming up with the bank holiday on Monday,” he told Twitter followers, referencing the June 16 Martin Luther King Jr. holiday in the U.S.
“For Bitcoin, crucial area to break is $26K. If that breaks, we’ll have some acceleration. I’m still long, would still long if we reach $24.4K too.”
That $24,400 downside area of interest was already in focus for various popular traders.
Among them was Daan Crypto Trades, who predicted a return closer to $26,000 as part of a narrowing wedge structure in place on lower timeframes.
#Bitcoin Low timeframe:
Struggling to break the Weekly VWAP so far.
You can clearly see how it’s rejecting price every time we’ve touched it.
A break above, should lead to a next leg into the May lows around 25.8-25.9K.
Support sits at $25.3K. pic.twitter.com/kIjeRdaMiN
— Daan Crypto Trades (@DaanCrypto) June 16, 2023
“This dip into $24,000 is a great opportunity,” fellow trader Jelle wrote in part of the day’s tweets, adding that he was “ready for the bull market.”
My game plan remains unchanged.
I started buying around $16,500, and so long as we trade below $30,000 – I will continue to buy on pullbacks.
This dip into $24,000 is a great opportunity.
Bought more #Bitcoin – ready for the bull market. pic.twitter.com/R78ZUu7SPI
— Jelle (@CryptoJelleNL) June 16, 2023
Market joins Binance CEO dismissing France “FUD”
June 16 meanwhile formed another testing day for major exchange Binance, with France launching investigative proceedings hours after an announcement that Binance would quit the Netherlands altogether over regulatory difficulties.
Related: 3 Bitcoin price metrics showing ‘insane’ similarities to 2020 breakout
Markets appeared immune to the news, however, and in characteristic fashion, Binance CEO Changpeng Zhao, known as CZ, called the France episode “FUD.”
“France, surprise (no advanced notice) on-site inspections of regulated businesses are the norm, for banks, and now for crypto too. The surprise visit for Binance France happened a couple of weeks ago. It’s not ‘news.’ Binance France cooperated fully,” he tweeted on the day.
“Binance also isn’t the only crypto business inspected. This happened to other well known crypto businesses in Paris too. Binance France continues to be our flagship center in Europe.”
Binance’s in-house token, BNB (BNB), appeared similarly resilient, climbing to $240 on the day.
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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.
