Bitcoin Surges to $30K as Traders Pin Hopes on US Trading Boosting BTC Price

Bitcoin Bulls Hold Firm at $30,000 as BTC Price Stalls, but Optimism Persists Following Weekly Close

Bitcoin’s price performance remained steady, hovering around the $30,000 mark after the close of the week. Despite the sideways movement, Bitcoin enthusiasts maintained their support, seeing $30,000 as a crucial level.

On June 26, as Wall Street opened, Bitcoin briefly touched $30,500, buoyed by the bullish sentiment. Market observers were hopeful for a repeat of the previous week’s pattern, where the United States played a significant role in driving buying interest. The market witnessed institutional product applications tied to the Bitcoin spot price, generating hype around Bitcoin exchange-traded funds (ETFs).

Traders noted the importance of the U.S. trading session, which had a notable impact on Bitcoin’s price action. Glassnode, an on-chain analytics firm, also recognized the rising U.S. demand, attributing it to the flurry of institutional-grade ETF filings. It marked a potential shift in the market, as Asian exchanges had been leading in terms of accumulation throughout the year.

In terms of technical analysis, the two-year moving average (MA) acted as a key resistance level for Bitcoin, positioned just above $32,800. Traders and analysts noted that historically, the area below the two-year MA had presented excellent accumulation opportunities before the subsequent halving cycle. Shorter timeframes reflected a lack of interest in shorting Bitcoin at its current levels, fueling hopes for a continuation of the upward trend.

While some traders sought opportunities to “buy the dip,” others remained confident in Bitcoin’s strength. Analysts believed that any potential retracements would likely be shallow in nature, considering the convincing end of the previous correction. The overall sentiment suggested that Bitcoin was poised for a new uptrend continuation, rather than a significant downturn.