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Market News BTC Bulls to Target $30,000 for the First Time Since Early May

BTC Bulls to Target $30,000 for the First Time Since Early May

Day 1 of testimony will be presented by Fed Chair Powell later today. However, as sticky money targets BTC, the crypto news wires will likewise change the dial.

TOP1Markets Analyst

2023-06-21

7311

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Bitcoin (BTC) increased by 5.47% on Tuesday. BTC finished the day at $28,326 after gaining 1.90% on Monday. A noteworthy development was that BTC finished the day at $28,000 for the first time since May 28.

BTC dropped to a low of $26,855 in the early afternoon after a range-bound morning. BTC climbed to a late-session high of $28,363 while avoiding the First Major Support Level (S1) at $26,408. The major resistance levels were broken by BTC, which finished the day at $28,326.

Support is provided by institutional investors' interest in the Blackrock Bitcoin ETF

The US home sector figures had no effect on investor sentiment on Tuesday, which was a calm day.

Investors were left to continue pondering the potential launch of a Blackrock (BLK) ETF and the anticipated infusion of sticky institutional money in the absence of any economic signs.

On June 15, Blackrock (BLK) submitted the required paperwork to the SEC in the hopes that the SEC would quickly approve the debut of the iShares Bitcoin Trust.

The positive view among Bitcoin whales was evident, with accumulations allegedly reaching 7-month highs. "Bitcoin whales have been busy while the crowd watched prices dwindle these past two months," claims Santiment. It's not a coincidence that wallets holding 1 to 10 bitcoins have amassed a total of $3.5 billion since the first week of April. Bitcoin is already back above $27k once more.

Support was increased by reports that the largest German bank, Deutsche Bank (DB), has applied for a license to handle cryptocurrency. The action by Deutsche Bank comes after EDX Markets received support from Fidelity, Citadel Securities, and Charles Schwab (SCHW). On Tuesday, EDX Markets debuted its digital asset division.

Investor mood was unaffected by Binance-related news since US regulators are likely to prefer EDX Markets' non-custody approach.

The Coming Day

Wednesday is a major day since Fed Chair Powell is testifying on Capitol Hill for the first time. Although hawkish talk tends to hurt Bitcoin (BTC) and the overall market, an upbeat economic outlook should be sufficient for cryptocurrency investors given that the markets are currently pricing in a peak Fed Funds Rate of 5.6%.

The SEC cases against Ripple, Binance, and Coinbase (COIN) continue to be the main topics of discussion.