{"id":12399,"date":"2023-06-18T09:35:00","date_gmt":"2023-06-18T09:35:00","guid":{"rendered":"https:\/\/cryptoheretostay.com\/?p=12399"},"modified":"2023-06-18T09:35:03","modified_gmt":"2023-06-18T09:35:03","slug":"bitcoin-price-eases-downside-as-traders-demand-24-5k-support-holds","status":"publish","type":"post","link":"https:\/\/cryptoheretostay.com\/?p=12399","title":{"rendered":"Bitcoin price eases downside as traders demand $24.5K support holds"},"content":{"rendered":"<script type=\"text\/javascript\">\r\namzn_assoc_placement = \"adunit0\";\r\namzn_assoc_tracking_id = \"totafreearti-20\";\r\namzn_assoc_ad_mode = \"search\";\r\namzn_assoc_ad_type = \"smart\";\r\namzn_assoc_marketplace = \"amazon\";\r\namzn_assoc_region = \"US\";\r\namzn_assoc_default_search_phrase = \"crypto\";\r\namzn_assoc_default_category = \"All\";\r\namzn_assoc_search_bar = \"false\";\r\namzn_assoc_title = \"\";\r\namzn_assoc_rows =\"1\";\r\n<\/script>\r\n<script src=\"\/\/z-na.amazon-adsystem.com\/widgets\/onejs?MarketPlace=US\"><\/script>\n<p>Bitcoin (BTC) recovered some lost ground on June 16 as markets shook off mixed United States macro signals.<\/p>\n<p><em>BTC\/USD 1-hour candle chart on Bitstamp. Source: TradingView<\/em><\/p>\n<h2>BlackRock Bitcoin ETF plan buoys markets<\/h2>\n<p>Data from Cointelegraph Markets Pro and TradingView showed BTC\/USD circling $25,500 on Bitstamp after bouncing around $1,000 from the previous day\u2019s lows.<\/p>\n<p>Popular trader Skew followed moves on major exchange Binance around the price action, uncovering concerted buying efforts at the lows. Sellers subsequently stepped in closer to $26,000.<\/p>\n<p lang=\"en\" dir=\"ltr\">$BTC Sellers found more coins https:\/\/t.co\/wuHmiYVLrc pic.twitter.com\/04bUfGHp3Q<\/p>\n<p>\u2014 Skew \u0394 (@52kskew) June 15, 2023<\/p>\n<p>The uptick occurred in step with news that the world\u2019s largest asset manager, BlackRock, had filed to list a spot Bitcoin exchange-traded fund (ETF).<\/p>\n<p>For Micha\u00ebl van de Poppe, founder and CEO of trading firm Eight, this formed a positive contrast to the slew of negative events concerning crypto regulation over the past 10 days.<\/p>\n<p>\u201cBlackrock filing for an ETF is bullish for Bitcoin,\u201d he told Twitter followers. <\/p>\n<p>\u201cIt\u2019s amazing that, all of a sudden, a week after the entire crackdown of the SEC on Crypto, big parties jump in. They just want to rule the markets, simple. But all-in-all, some positive signs for the markets.\u201d<\/p>\n<p>Subsequent news pre-Wall Street open, which focused on Binance quitting Dutch markets\u00a0due to regulatory hurdles, as well as reportedly being under investigation in France, had little impact on price performance.<\/p>\n<h2>BTC price may avoid $23,000 \u201ccascade\u201d<\/h2>\n<p>When it came to BTC\/USD on short timeframes, traders remained cautious amid the risk of further downside to come.<\/p>\n<p><strong><em>Related:\u00a03 Bitcoin price metrics showing \u2018insane\u2019 similarities to 2020 breakout<\/em><\/strong><\/p>\n<p>Both Van de Poppe and popular trader Crypto Tony argued that the lows around $24,500 needed to hold.<\/p>\n<p lang=\"en\" dir=\"ltr\">So far, so good #Bitcoin https:\/\/t.co\/CP5l2dh2IB<\/p>\n<p>\u2014 Micha\u00ebl van de Poppe (@CryptoMichNL) June 16, 2023<\/p>\n<p lang=\"en\" dir=\"ltr\">$BTC \/ $USD &#8211; Update <\/p>\n<p>Spiked back up the support zone, so for me i am long scalping this up to $26,000 &#8211; $26,500. Only while we hold the lows put n yesterday pic.twitter.com\/pd3bBHALRg<\/p>\n<p>\u2014 Crypto Tony (@CryptoTony__) June 16, 2023<\/p>\n<p>\u201cNothing has changed in my view,\u201d fellow trader Moustache continued, zooming out to the weekly chart.<\/p>\n<p>\u201cFakeouts are always possible, but it should be mentioned that $BTC is back in a falling wedge. &#8211; Retest of an Inverse Head &amp; Shoulder-Pattern in the form of a Falling Wedge.\u201d<em>BTC\/USD annotated chart. Source: Moustache\/Twitter<\/em><\/p>\n<p>Moustache referred to the inverse head-and-shoulders pattern playing out over the past year. <\/p>\n<p>Earlier this month, as Cointelegraph reported, trader Mikybull Crypto argued that a successful resolution could spark a run to $40,000.<\/p>\n<p><strong><em>Magazine: Bitcoin is on a collision course with \u2018Net Zero\u2019 promises<\/em><\/strong><\/p>\n<p class=\"post-content__disclaimer\">This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.\n<\/p>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><br \/>\n<br \/><script type=\"text\/javascript\">\r\namzn_assoc_placement = \"adunit0\";\r\namzn_assoc_tracking_id = \"totafreearti-20\";\r\namzn_assoc_ad_mode = \"search\";\r\namzn_assoc_ad_type = \"smart\";\r\namzn_assoc_marketplace = \"amazon\";\r\namzn_assoc_region = \"US\";\r\namzn_assoc_default_search_phrase = \"bitcoin\";\r\namzn_assoc_default_category = \"All\";\r\namzn_assoc_search_bar = \"false\";\r\namzn_assoc_title = \"\";\r\namzn_assoc_rows =\"1\";\r\n<\/script>\r\n<script src=\"\/\/z-na.amazon-adsystem.com\/widgets\/onejs?MarketPlace=US\"><\/script><br \/>\n<br \/><a href=\"https:\/\/cointelegraph.com\/news\/bitcoin-price-eases-downside-traders-24-5k-support-holds\" target=\"_blank\" rel=\"noopener\">Source<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Bitcoin (BTC) recovered some lost ground on June 16 as markets shook off mixed United States macro signals. BTC\/USD 1-hour candle chart on Bitstamp. Source: TradingView BlackRock Bitcoin ETF plan buoys markets Data from Cointelegraph Markets Pro and TradingView showed BTC\/USD circling $25,500 on Bitstamp after bouncing around $1,000 from the previous day\u2019s lows. Popular [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":12400,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":"","_wp_rev_ctl_limit":""},"categories":[2],"tags":[],"class_list":["post-12399","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-bitcoin-news"],"_links":{"self":[{"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/posts\/12399","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=12399"}],"version-history":[{"count":1,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/posts\/12399\/revisions"}],"predecessor-version":[{"id":12401,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/posts\/12399\/revisions\/12401"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/media\/12400"}],"wp:attachment":[{"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=12399"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=12399"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=12399"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}