- June 20, 2023
- Posted by: [email protected]
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Bitcoin’s recovery from recent lows gained momentum following updates in U.S. macroeconomic policies, potentially leading to sustained progress over the upcoming holiday weekend. After hitting its lowest levels since early March, the BTC price surged toward a critical area, crossing $26,000 on Bitstamp, according to data from numerous crypto analysis blogs and reports.
The rebound in Bitcoin’s price occurred amidst ongoing regulatory and macroeconomic pressures. Michaël van de Poppe, the founder and CEO of trading firm Eight, highlighted the significance of the $26,000 level, stating that its breakthrough could trigger an acceleration in price movement. Van de Poppe expressed his bullish stance and mentioned that he would consider taking a long position even if Bitcoin reached $24,400.
Other notable traders also focused on the $24,400 area, including Daan Crypto Trades, who anticipated a return to the vicinity of $26,000 based on a narrowing wedge pattern observed on lower timeframes. Jelle, another trader, referred to the dip to $24,000 as an excellent opportunity and expressed readiness for a bull market.
On June 16, the popular exchange Binance faced another challenge as France initiated investigative proceedings, shortly after Binance’s announcement to cease operations in the Netherlands due to regulatory obstacles. Despite these events, the market seemed unfazed, and Binance CEO Changpeng Zhao, known as CZ, dismissed the France incident as FUD (fear, uncertainty, and doubt). CZ explained that surprise inspections were a regular occurrence for regulated businesses in France, including banks and crypto enterprises. He further clarified that the inspection of Binance France had taken place weeks earlier and that other well-known crypto businesses in Paris had also undergone similar inspections. CZ emphasized the continued significance of Binance France as the company’s flagship center in Europe.
Binance’s native token, BNB, displayed resilience in the face of these developments, as its price climbed to $240 on the same day.
