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Breaking News: Bitcoin Price To Recover $100,000: BTIG Cites Key Reasons For Optimism
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Breaking News: Bitcoin Price To Recover $100,000: BTIG Cites Key Reasons For Optimism

Bitcoin Price: Why $28,000 Could Hold The Key For Massive Bull Run

Reynaldo Marquez
Reynaldo Marquez
Last Updated: June 11, 2024 8:10 am
2 mins read
Bitcoin Price BTC BTCUSDT

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The Bitcoin price experienced volatility in the last day following speculation about approving a spot BTC Exchange Traded Fund (ETF) in the US. The rumors turned out false, but the cryptocurrency managed to reclaim a critical level.

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Bitcoin Price Key Indicators Suggest Fresh Rally Toward $30K

1 year ago

As of this writing, Bitcoin trades at $28,460 with a 3% profit in the last 24 hours. Over the previous week, the cryptocurrency recorded similar gains while other cryptocurrencies in the top 10 by market cap lagged the sudden rally except for Solana (SOL).

Bitcoin price BTC BTCUSDT
BTC’s price is moving sideways on the daily chart. Source: BTCUSDT on Tradingview

Bitcoin Price Confirms Bull Run?

Data shared by the co-founders of analytics firm Glassnode highlights the importance of the recent rally. However, driven by what many in the crypto community called “fake news,” the upside momentum cleared some obstacles for the cryptocurrency.

In that sense, the data points to a generally positive sentiment around the Bitcoin ETF, which will continue to gain relevance in the coming months as uncertainty about its approval mitigates. The Glassnode co-founders stated via social media platform X:

While this pivotal milestone was momentarily attained on futures, the spot market price peaked at $27.98k earlier today. It’s evident just how crucial this price point is in the larger scheme (…). The rapid movements and these price thresholds aren’t just numbers. They signify investor sentiment, market dynamics.

The market activity surrounding the ETF rumors on some major crypto exchanges represented around 8% of their total trading volume. However, Bitcoin must hold its current level on the daily and weekly charts.

A separate analysis by a pseudonym trader claims that the recent Bitcoin price action broke out of a macro downtrend. As seen in the chart below, every time the cryptocurrency price breaks this trend, Bitcoin consolidates for a while before re-entering price discovery.

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Bitcoin Bloodbath: Fake Spot ETF Approval Sparks BTC Surge, Obliterates $78M Shorts At $30,000

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Despite the bullish momentum, Bitcoin can still touch critical support levels around $27,880 and $27,550 on short timeframes before resuming the rally. The Bitcoin price can go much lower on higher timeframes while maintaining its bullish structure. The analyst stated:

Bitcoin has long ago broken its Macro Downtrend. It’s undeniable that Bitcoin is in a Bull Market. The question is whether Bitcoin can perform a -30% retrace over the next 4-6 months or so. History suggests it can.

Bitcoin price BTC BTCUSDT
BTC’s price breaks out of a macro downtrend. Source: RektCapital

Cover image from Unsplash, chart from Tradingview

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Reynaldo Marquez
Reynaldo Marquez

Reynaldo Marquez

A literature major, Reynaldo Márquez has been deeply immersed in the crypto industry since 2017. His journey began with translating articles for various crypto news outlets, a role he took on with zeal. In 2018, amidst a challenging market, he embraced his first writing assignment, demonstrating his unwavering commitment to the nascent industry and the promise of change it bears for many people worldwide.
In March 2021, he joined the prestigious crypto news outlet NewsBTC and Bitcoinist, where he not only reported on the latest crypto news but also had the privilege of interviewing some of the industry's most influential figures. A year later, his dedication and hard work were recognized, and he was promoted to Managing Editor, a position he currently holds with pride.
He believes in honesty, good communication, hard work, and the power of cryptocurrency and its potential to transform people's lives, especially those alienated by the legacy financial system. Born in 1992 in Venezuela, Reynaldo is familiar with how governments and central banks can negatively affect people, their everyday lives, and their futures by creating inflation and erasing their hopes for a better future. Thus, like many Venezuelans, he embraced this new technology to help him and his family navigate difficult times.
In another life, Reynaldo would have pursued a career as an investigator, most likely tracking down the origins of the Cyberpunk movement with the publication of William Gibson’s ‘Neuromancer.’ The intersection between fiction and reality, with the materialization of Bitcoin in 2009, would have allowed him to dive deep into the crypto sphere as something more than a financial phenomenon but also a cultural shift in society that was brewing since the XX century, and maybe even sooner, in the XIX century with the publication of Henry David Thoreau’s ‘Civil Disobedience.’
But that’s for another life. In this one, Reynaldo has been trading to improve his trading skills. Since 2023, he has been trying to learn Python to create successful strategies and find ways to execute them. It is a difficult task, which continues to keep him busy today and will most likely continue to keep him busy in the near and long term.
In his free time, he enjoys lifting heavy objects, reading, watching movies, and listening to his favorite music. Some of his favorite authors are Walt Whitman, William Faulkner, Allen Ginsberg, James Baldwin, Raymond Carver, Ray Bradbury, George Orwell, Mario Vargas Llosa, Reinaldo Arenas, Rafael Cadenas, and many others. Lately, he has been primarily interested in reading about dystopic societies, a topic that deeply resonates with the crypto industry.
Since 2023, he has lived in Spain with his wife. He loves the weather, the food, and the people and their culture. They both expect to travel much more within the country they now call home and beyond its border. He hopes to retire with his wife, maybe in a quiet place near a beach, but most likely in a city close to a library and a university with his kids and, hopefully, grandkids.

Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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Reason to trust

Strict editorial policy that focuses on accuracy, relevance, and impartiality
Created by industry experts and meticulously reviewed
The highest standards in reporting and publishing
How Our News is Made

Strict editorial policy that focuses on accuracy, relevance, and impartiality

Ad discliamer

Morbi pretium leo et nisl aliquam mollis. Quisque arcu lorem, ultricies quis pellentesque nec, ullamcorper eu odio.

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We cover BTC news related to bitcoin exchanges, bitcoin mining and price forecasts for various cryptocurrencies.

Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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