Bitcoin ETF impulse fuels ‘fantastic’ $29K BTC price breakout

“Fantastic BTC breakout beyond the multi-month drop,” popular trader and expert Rekt Capital reacted. That said, a $BTC dip into the drop for a successful retest would offer full verification of breakout,” he now added.

Bitcoin (BTC) struck $29,000 on June 21 as large scale buying fueled a fresh belief boost.BTC/ USD 1-hour chart. Source: TradingViewAnalyst: $29,000 becoming fakeout “really unlikely” Data from Cointelegraph Markets Pro and TradingView showed BTC/USD reaching $29,014 on Bitstamp– its highest considering that May 7. The set delighted in continued purchaser interest overnight, following multiple announcements worrying brand-new Bitcoin-focused institutional investment products.This is not a short capture, however somebody( s) is just buying $BTC a lot.I repeat.This is not a short squeeze, however someone( s) is simply purchasing $BTC a lot.https:// t.co/ gkt9JiizM3 https://t.co/46KZRb0AMS pic.twitter.com/mPZzN317A8— Ki Young Ju (@ki_young_ju) June 21, 2023

For experts who were formerly worried about overall market strength, the current action was cause for a modest rethink.”Fantastic BTC breakout beyond the multi-month downtrend,” popular trader and expert Rekt Capital responded. “Very not likely this will end up as a benefit wick like in previous months.”BTC/USD annotated chart. Source: Rekt Capital/TwitterThe day prior, with upside already in movement, Rekt Capital had actually warned that the weekly candle close was essential to verify a substantial pattern modification.”A BTC Weekly Candle Close beyond the multi-month sag would be a fantastic breakout verification. That stated, a $BTC dip into the drop for an effective retest would offer full confirmation of breakout,” he now added. “The retest area is ~$26800.”Fellow trader Crypto Tony on the other hand continued that Bitcoin could hit his advantage target “earlier than anticipated.””As i said, if we did not lose the assistance zone on Bitcoin at $25,000, then there is no bearish control right now,” he reasoned. “Soon as we saw the bulls step in, that was our cue to long. Plan and Execute.”Others were more conservative, with both Daan Crypto Trades and Michaël van de Poppe, founder and CEO of trading firm Eight, revealing closed long positions at the $29,000 mark.Van de Poppe however stated that BTC/USD was now on its method to $38,000 or higher.Short-term holder assistance proves itselfRegarding assistance levels, on-chain analytics firm Glassnode seized the day to underscore the significance of the short-term holder (STH) cost basis.Related: Bitcoin price sideways boredom might last 18 months– New researchAt $26,400, the STH cost basis was now a formidable line in the sand, with BTC/USD rebounding highly after positioning STHs in latent loss area.”26,550 stays a substantial standard in figuring out market trend,” Glassnode tweeted, referring to previous research study covered by Cointelegraph. “The current variance listed below the STH-CB was not decisive, culminating in a recovery of the dominating uptrend.”Bitcoin short-term holder information annotated chart. Source: Glassnode/TwitterThe 200-week moving average (MA), another key bearish market assistance line, also sits near the mid-$26,000 zone.BTC/ USD 1-day chart with 200-week MA. Source: TradingViewMagazine: Bitcoin is on an accident course with Net Zero promisesThis post does not include financial investment recommendations or suggestions. Every financial investment and trading relocation involves threat, and readers must conduct their own research when making a decision.

Bitcoin (BTC) hit $29,000 on June 21 as large scale buying sustained a fresh belief boost.BTC/ USD 1-hour chart. The set taken pleasure in continued buyer interest overnight, following several announcements concerning brand-new Bitcoin-focused institutional investment products.This is not a brief squeeze, however somebody( s) is simply purchasing $BTC a lot.I repeat.This is not a brief squeeze, however someone( s) is simply purchasing $BTC a lot.https:// t.co/ gkt9JiizM3 https://t.co/46KZRb0AMS pic.twitter.com/mPZzN317A8— Ki Young Ju (@ki_young_ju) June 21, 2023

Other Questions People Ask

What impact does the Bitcoin ETF impulse have on the recent $29K BTC price breakout?

The Bitcoin ETF impulse has significantly contributed to the recent $29K BTC price breakout by instilling renewed confidence among investors. As large-scale buying surged, it indicated a strong belief in Bitcoin's upward trajectory, moving beyond previous multi-month downtrends. This momentum suggests that institutional interest in Bitcoin-focused investment products is driving the market, making a dip for retesting less likely.

How does the $29K BTC price breakout relate to market trends and investor sentiment?

The $29K BTC price breakout is closely tied to shifting market trends and heightened investor sentiment, particularly following the announcements of new Bitcoin-focused institutional investment products. Analysts like Rekt Capital have noted that this breakout is unlikely to be a mere fakeout, as sustained buyer interest supports a bullish outlook. This shift in sentiment reflects a broader acceptance of Bitcoin as a viable investment, further solidifying its market position.

What are the implications of a potential retest after the $29K BTC breakout?

A potential retest after the $29K BTC breakout could serve as a critical verification point for the new upward trend. Analysts suggest that if Bitcoin dips back to around $26,800, it would confirm the breakout's legitimacy and provide a solid foundation for further gains. This retest would be essential for short-term holders to assess their positions and make informed trading decisions moving forward.

Why are some traders cautious despite the $29K BTC price breakout?

Despite the excitement surrounding the $29K BTC price breakout, some traders remain cautious due to the volatility inherent in cryptocurrency markets. Notable figures like Daan Crypto Trades and Michaël van de Poppe have closed long positions at this level, indicating a strategic approach to risk management. Their caution highlights the importance of monitoring market conditions closely, especially as Bitcoin approaches significant resistance levels.

How does short-term holder data influence the perception of the $29K BTC breakout?

Short-term holder data plays a crucial role in shaping perceptions of the $29K BTC breakout by providing insights into market dynamics. According to Glassnode, the short-term holder cost basis at $26,400 serves as a vital support level, indicating where many investors are positioned. A strong rebound from this area reinforces the bullish sentiment surrounding the breakout, suggesting that short-term holders are confident in Bitcoin's upward movement.