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Market News BTC Return to $28,000 Hinged on PBoC Moves and Fed Chair Powell

BTC Return to $28,000 Hinged on PBoC Moves and Fed Chair Powell

For BTC, today is a fairly busy day because Fed Chair Powell is in the spotlight this afternoon. The PBoC and SEC discussion this morning will also change the dial.

TOP1Markets Analyst

2023-06-20

9490

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Bitcoin (BTC) increased 1.90% on Monday. BTC finished the day at $26,858 after losing 0.67% on Sunday. For the first time since June 7, BTC significantly returned to the $27,000 level.

BTC dropped to a low of $26,292 during the day's first hour due to a mixed start. BTC increased to a high of $27,075, avoiding the First Major Support Level (S1) at $26,180. Before finishing the day at $26,858 BTC crossed above the First Major Resistance Level (R1) at $26,633 and the Second Major Resistance Level (R2) at $26,907 for a brief period of time.

Blackrock Bitcoin and Ethereum Chatter Offers Assistance

Due to the US markets being closed for Juneteenth Day, it was a quiet Monday. BTC was in the hands of the cryptocurrency news wires due to a lack of US economic statistics.

While Binance continued to be discussed, a bullish session was underpinned by expectations for the Blackrock Bitcoin ETH to launch successfully.

BTC Inc. CEO David Bailey expressed confidence that the BlackRock Bitcoin ETH might receive SEC clearance soon (days to weeks), saying, "Heard a convincing argument today that it could. That certainly would be interesting. After a decade of unsuccessful attempts, BlackRock appears and they may easily obtain it. A manifestation of our banking system's corruption. Poetic, in a sense.

A SEC approval of the BlackRock ETF would encourage a flow of institutional capital, which would be advantageous for Bitcoin and the larger crypto market.

On June 15, Blackrock (BLK) submitted the required paperwork to the SEC in order to introduce the iShares Bitcoin Trust.

The Coming Day

Tuesday's session is extremely hectic, and Powell's testimony as Fed Chair may have an impact. Riskier assets would be affected by hawkish language and suggestions for higher rates for longer to control inflation.

The PBoC is in the spotlight this morning because economists anticipate that it would lower the prime rates for loans with terms of one year and five years to help the Chinese economy.

BTC benefits from accommodating central bank actions.

The central banks will change the dial, but regulatory activity and legislator chitchat should also be taken into account.

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