Bitcoin price recovery from last week’s dip below $25,000 continues steadily on Tuesday despite negative market sentiments. The largest cryptocurrency ticked upward, reaching $27,200 for the first time since June 7.
BTC is exchanging hands at $26,938, bolstered by a 2% spike in 24 hours, with the pullback from the weekly high already priced in.
If the building bullish outlook stays grounded this week, Bitcoin price could push beyond $28,000, thus bringing the psychological $30,000 hurdle within reach.
Blackrock’s Bid for Spot BTC ETF Buoys the Market
Bitcoin and Ethereum both kicked off trading on Tuesday on a positive note. Market participants believe Blackrock has a greater chance of getting the spot Bitcoin exchange-traded fund (ETF) approved.
The coveted offering has eluded many companies, including Grayscale, which is currently entangled in a lawsuit with the US Securities and Exchange Commission (SEC). Investors and traders like the popular, Michaël van de Poppe believe institutional investors will usher in the next bull market.
Therefore, interest by Blackrock to officially operate a Bitcoin spot ETF paves the way for more institutional investors to get involved with the crypto market. Fidelity is another big company reportedly considering applying for a BTC spot ETF.
After Blackrock, now Fidelity is planning to apply for a #Bitcoin Spot ETF.
Now is the time to accumulate & invest.
— Michaël van de Poppe (@CryptoMichNL) June 19, 2023
Bitcoin Price Bullish But Still “Vulnerable”
Bitcoin’s performance since the Federal Reserve interest rate decision triggered a sell-off to $24,775, has reinforced the bulls’ presence in the market. As reported last week, whales with over 1,000 BTC in their wallets, kept accumulating despite the uncertainty. This ensured that Bitcoin’s downside remained protected and poised for a quick trend reversal.
Despite the prevailing market confidence that BlackRock will triumph in its quest for a Bitcoin spot exchange-traded fund, BTC’s condition still appears “vulnerable,” according to Craig Erlam, a Senior Market Analyst at OANDA, in a recent commentary to CoinDesk.
“Bitcoin ended last week quite positively after dropping to three-month lows on Wednesday, but it continues to look vulnerable to further declines,” Erlam explained. “The two-month trend is not in its favor, and the news flow isn’t exactly helping the situation either. It’s had a remarkable year and remains more than 50% higher, so it’s hardly a dire situation.”
Exploring Short-Term Bullish Opportunities in In Bitcoin Price
Despite Erlam’s Hawkish Sentiments on Bitcoin’s state, bulls seem intentional with the push for recovery. Based on the daily chart, a pennant pattern formed after the correction from April highs marginally above $31,000 and the support at $24,775.
A bullish pennant pattern, such as the one observed on the chart, implies that a breakout is around the corner. However, bulls must successfully deal with short-term resistance at $27,000 to validate the impending bullish move.
Notably, Bitcoin price has recovered to sit on top of all the applied moving averages, starting with the 200-day Exponential Moving Average (EMA) at $25,358, the 100-day EMA at $26,461, and the 50-day EMA at $26,842.
If the 50-day EMA support which currently coincides with the upper falling trendline in the pennant pattern holds firmly, Bitcoin price would be in a better position to tackle the next hurdles at $27,000 and $28,000 as part of the ultimate breakout to $30,000.
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