As Bitcoin (-0.81%) surfs around the $30k mark, crypto enthusiasts are hoping that US trading will boost BTC‘s price due to ETF hype from the various institutional product applications submitted in the US. Though the price fluctuated at the June 26 Wall Street open, Bitcoin bulls supported the $30,000 figure around the weekly close. This follows a similar pattern to the week prior, where the US trading session provided a majority of buyer interest.
On-chain analytics firm Glassnode has confirmed the trend, suggesting that it could be part of a long-term shift in US-led demand. The firm observed a revival in US-led demand in 2023, coinciding with the rush of institutional-grade ETF applications filed in the US. As a result, they noticed increased accumulation in top exchanges in Asia.
In BTC price performance, Decentrader flags a critical resistance level in the form of a two-year moving average (MA) at just above $32,800. Historically, instances below the two-year MA have provided excellent accumulation opportunities ahead of the following halving cycle. However, there’s a lack of interest in shorting BTC at its current level, so many traders are looking for potential opportunities to “buy the dip,” with popular crypto trader Crypto Chase citing $29,000 as an example.
While some may anticipate a snap BTC price correction, analysts argue it is “highly unlikely” due to the overall strength of the Bitcoin market. As minor retracements are expected to be shallow in nature, many analysts predict that any downside will likely be experienced as dips during uptrend continuation.
In the broader market, the demand for Bitcoin and Ether (ETH) remains relatively low at 2% of the population. This could be attributed to an underlying desire among investors to possess an entire Bitcoin unit, rather than a fractional portion. To encourage broader adoption, crypto influencers have suggested the development of a Satoshi-based Bitcoin wallet that displays balances differently to highlight the appeal of acquiring Bitcoin Satoshis instead.
While the outlook for Bitcoin remains generally optimistic, it is important for investors to conduct their own research and evaluate the potential risks associated with trading and investment decisions.
Source: Cointelegraph
