Bitcoin ETF impulse fuels 'fantastic' $29K BTC price breakout
Bitcoin (BTC) hit $29,000 on June 21 as largescale buying fueled a fresh sentiment boost.
Data from Cointelegraph Markets Pro and TradingView showed BTC/USD reaching $29,014 on Bitstamp — its highest since May 7.
The pair enjoyed continued buyer interest overnight, this coming on the back of multiple announcements concerning new Bitcoin-focused institutional investment products.
This is not a short squeeze, but someone(s) is just buying $BTC a lot.I repeat.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
For analysts, who were previously concerned about overall market strength, the latest action was cause for a modest rethink.
“Fantastic BTC breakout beyond the multi-month downtrend,” popular trader and analyst Rekt Capital reacted.
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.
“A 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,” he now added.
Fellow trader Crypto Tony meanwhile continued that Bitcoin could hit his upside target “earlier than anticipated.“
“As i said, if we did not lose the support zone on Bitcoin at $25,000, then there is no bearish control just yet,” he reasoned.
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 had nonetheless stated that BTC/USD was now on its way to $38,000 or higher.
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