{"id":12427,"date":"2023-06-21T10:19:58","date_gmt":"2023-06-21T10:19:58","guid":{"rendered":"https:\/\/www.cryptoheretostay.com\/?p=12427"},"modified":"2023-06-21T10:19:59","modified_gmt":"2023-06-21T10:19:59","slug":"bitcoin-etf-impulse-fuels-fantastic-29k-btc-price-breakout","status":"publish","type":"post","link":"https:\/\/cryptoheretostay.com\/?p=12427","title":{"rendered":"Bitcoin ETF impulse fuels &#8216;fantastic&#8217; $29K BTC price breakout"},"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) hit $29,000 on June 21 as largescale buying fueled a fresh sentiment boost.<\/p>\n<p><em>BTC\/USD 1-hour chart. Source: TradingView<\/em><\/p>\n<h2>Analyst: $29,000 becoming fakeout &#8220;very unlikely&#8221;<\/h2>\n<p>Data from Cointelegraph Markets Pro and TradingView showed BTC\/USD reaching $29,014 on Bitstamp \u2014 its highest since May 7.<\/p>\n<p>The pair enjoyed continued buyer interest overnight, this coming on the back of multiple announcements concerning new Bitcoin-focused institutional investment products.<\/p>\n<p lang=\"en\" dir=\"ltr\">This is not a short squeeze, but someone(s) is just buying $BTC a lot.<\/p>\n<p>I repeat.<\/p>\n<p>This is not a short squeeze, but someone(s) is just buying $BTC a lot.https:\/\/t.co\/gkt9JiizM3 https:\/\/t.co\/46KZRb0AMS pic.twitter.com\/mPZzN317A8<\/p>\n<p>\u2014 Ki Young Ju (@ki_young_ju) June 21, 2023<\/p>\n<p>For analysts, who were previously concerned about overall market strength, the latest action was cause for a modest rethink.<\/p>\n<p>\u201cFantastic BTC breakout beyond the multi-month downtrend,\u201d popular trader and analyst Rekt Capital reacted. <\/p>\n<p>\u201cVery unlikely this will end up as an upside wick like in previous months.\u201d<em>BTC\/USD annotated chart. Source: Rekt Capital\/Twitter<\/em><\/p>\n<p>The day prior, with upside already in motion, Rekt Capital had nonetheless cautioned that the weekly candle close was necessary in order to confirm a substantial trend change.<\/p>\n<p>\u201cA BTC Weekly Candle Close beyond the multi-month downtrend would be a great breakout confirmation. That said, a $BTC dip into the downtrend for a successful retest would offer full confirmation of breakout,\u201d he now added. <\/p>\n<p>\u201cThe retest area is ~$26800.\u201d<\/p>\n<p>Fellow trader Crypto Tony meanwhile continued that Bitcoin could hit his upside target \u201cearlier than anticipated.\u201c<\/p>\n<p>\u201cAs i said, if we did not lose the support zone on Bitcoin at $25,000, then there is no bearish control just yet,\u201d he reasoned. <\/p>\n<p>\u201cSoon as we saw the bulls step in, that was our cue to long. Plan and Execute.\u201d<\/p>\n<p>Others were more conservative, with both Daan Crypto Trades and Micha\u00ebl van de Poppe, founder and CEO of trading firm Eight, revealing closed long positions at the $29,000 mark.<\/p>\n<p>Van de Poppe had nonetheless stated that BTC\/USD was now on its way to $38,000 or higher.<\/p>\n<h2>Short-term holder support proves itself<\/h2>\n<p>Regarding support levels, on-chain analytics firm Glassnode took the opportunity to underscore the significance of the short-term holder (STH) cost basis.<\/p>\n<p><strong><em>Related:\u00a0Bitcoin price \u2018sideways boredom\u2019 may last 18 months \u2014 New research<\/em><\/strong><\/p>\n<p>At $26,400, the STH cost basis was now a formidable line in the sand, which BTC\/USD rebounding strongly after placing STHs in unrealized loss territory.<\/p>\n<p>\u201c26,550 remains a significant baseline in determining market trend,\u201d Glassnode tweeted, referring to previous research covered by Cointelegraph. <\/p>\n<p>\u201cThe recent deviation below the STH-CB was not decisive, culminating in a reclamation of the prevailing uptrend.\u201d<em>Bitcoin short-term holder data annotated chart. Source: Glassnode\/Twitter<\/em><\/p>\n<p>The 200-week moving average, another key bear market support line, currently also lies near the mid-$26,000 zone.<\/p>\n<p><em>BTC\/USD 1-day chart with 200-week MA. Source: TradingView<\/em><\/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-etf-fuels-29-k-btc-price-breakout\" target=\"_blank\" rel=\"noopener\">Source<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Bitcoin (BTC) hit $29,000 on June 21 as largescale buying fueled a fresh sentiment boost. BTC\/USD 1-hour chart. Source: TradingView Analyst: $29,000 becoming fakeout &#8220;very unlikely&#8221; Data from Cointelegraph Markets Pro and TradingView showed BTC\/USD reaching $29,014 on Bitstamp \u2014 its highest since May 7. The pair enjoyed continued buyer interest overnight, this coming on [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":12428,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":"","_wp_rev_ctl_limit":""},"categories":[2],"tags":[],"class_list":["post-12427","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\/12427","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=12427"}],"version-history":[{"count":1,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/posts\/12427\/revisions"}],"predecessor-version":[{"id":12429,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/posts\/12427\/revisions\/12429"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/media\/12428"}],"wp:attachment":[{"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=12427"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=12427"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=12427"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}