- Bitcoin price rallied 5% on June 23, breaching $31,000 for the first time since June 2022.
- The move comes on the same day the IMF said Bitcoin is unstoppable, questioning the effectiveness of countries banning crypto.
- The climax comes at the close of a thematic week, with spot BTC ETF making headlines across crypto news sites.
- BTC breaking above the critical hurdle brings @tedtalksmacro’s $35,000 target in sight.
Bitcoin (BTC) price is on with its explosive rally that began earlier in the week, reclaiming levels last seen over a year ago. This bullishness rides on the back of a spot BTC-themed week, with deep-pocketed institutional investors filing for approvals. The rally came just when market participants grew impatient with the prolonged bull market, inspiring hope for higher price targets.
Bitcoin price confirms IMF’s assertions with a break above $31,000
Bitcoin (BTC) price breached the $31,000 hurdle on June 23 at around 16:15 GMT, reclaiming levels last seen in June 2022. The move is a continuation of a rally that began around mid-June and now denotes a 25% ascent from the June 16 lows of around $24,800.
The backbone of the current bullishness for Bitcoin price is the recent institutional interest for Bitcoin Exchange Traded Funds (ETF), with several firms applying for their spot BTC approvals with hopes of providing investors with regulated options to participate in the BTC market. The bullish breakout opened doors for BTC to rally towards $35,000, a target set by market analyst @tedtalksmacro.
Updating my macro view for #Bitcoin below
— tedtalksmacro (@tedtalksmacro) June 21, 2023
The market has now accepted above February's highs and is forming a higher-low on the weekly timeframe.
As noted in March --> invalidation on the high-timeframe bull idea was acceptance back into the range below $24.5k... we didn't… https://t.co/T6FYz9bv1U pic.twitter.com/RR9awuJIbU
Meanwhile, the International Monetary Fund (IMF) has criticized how the US Securities and Exchange Commission (SEC) handled the Coinbase case, saying, “It may not prove effective in the long run.” According to the international organization, it is more worthwhile to work on what actually drives demand in the crypto realm, mentioning the digital payment needs of citizens and the general urge for more transparency.
The IMF has proposed that all cryptocurrency transactions be featured in national statistics to consistently evaluate crypto demand and traffic. Further, the giant financial agency has described BTC as unstoppable, saying any attempt to ban the flagship crypto is futile.
Bitcoin held in self-custody with peer-to-peer (P2P) exchange makes it censorship-and-confiscation resistant.
Bitcoin price forecast as $35,000 comes in sight
At the time of writing, Bitcoin price is $31,224, a daily rise of almost 5%. The token is up almost 20% in the last week, restoring its market capitalization back above the $6 billion mark. The breakout has seen BTC overcome the $31,000 high recently forecasted, thereby paving the way for the next target of $35,000.
The path with the least resistance has been north, with Bitcoin price enjoying robust support indicated by the 50-, 100-, and 200-day Exponential Moving Averages (EMA) at $27,286, $26,705, and $25,509, respectively.
Also, the Awesome Oscillator is in the positive zone, suggesting that bulls lead the market. While the Relative Strength Index (RSI) position above 70 indicates BTC is overbought and, therefore, a pullback is imminent, it is worth noting that the king of crypto has a history of sustaining above this level with a continued uptrend. Such as was seen from January 11 to 30.
It is worth remembering that Welles Wilder, the inventor of the RSI, said that for a confirmed sell-signal the indicator must exit overbought – whilst it is still in overbought the market can still go higher though longholders are advised not to add to their positions.
BTC/USDT 1-Day Chart
According to data from IntoTheBlock, the next crucial hurdle for Bitcoin price lies quite far away, between the $44,459 and $67,413 range, where approximately 5.42 million addresses bought 2.15 million BTC tokens at an average price of $53,274.
Meanwhile, the GIOM metric shows Bitcoin price supported in the $25,693 to $29,408 range.
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.
If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.
FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.
The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.
Recommended Content
Editors’ Picks
VanEck sees Bitcoin reaching $61 trillion market cap, Marathon buys $100 million BTC
Bitcoin declined by 1% on Thursday following asset manager VanEck's forecast that the top digital asset will reach a $61 trillion market capitalization by 2050.
Ethereum Classic price sets for a rally following retest of key support
ETC edges higher by 2.3% and trades around $22.60 at the time of writing on Friday after testing a key support area the day before. On-chain data showing increased account growth suggests a bullish move ahead. Ethereum Classic price faced rejection by the daily resistance level of $25.13 earlier this week.
Celebrity meme coins lose their shine
Celebrity meme coins report by Jupiter Slorg on Thursday shows that these tokens have been in deep waters since early July after experiencing heavy growth in June. In a recent analysis, Jupiter Slorg revealed that celebrity meme coins are down by an average of 94% from their all-time highs.
Ripple gains 5%, Mark Cuban says Kamala Harris’ nomination could affect SEC lawsuit
Ripple (XRP) made a comeback above key psychological resistance early on Wednesday. Crypto traders are optimistic after the Ethereum Exchange Traded Fund (ETF) launch. Entrepreneur and investor Mark Cuban recently shared his comments on how Kamala Harris’ nomination to the Presidential elections could influence crypto regulation.
Bitcoin: Will BTC manage to recover from recent market turmoil?
Bitcoin recovers to $67,000 on Friday after finding support around $63,500 a day before. Still, BTC losses over 1.50% on the week as Mt. Gox persists in transferring Bitcoin to exchanges.