Bitcoin’s price surged past $29,000 on June 21st as large-scale buying due to new Bitcoin-focused institutional investment products drove a fresh sentiment boost. The price hike is not a short squeeze, but it seems that several individuals are buying BTC in significant amounts. Analysts believe that this breakout beyond the multi-month downtrend is fantastic and unlikely to end in an upside wick like previous months.
While some traders remain conservative and have closed long positions at the $29,000 mark, others suggest that Bitcoin could hit their upside target earlier than anticipated and go up to $38,000 or higher.
Short-term holder (STH) cost basis has proven to be a significant line in the sand for determining market trends. At $26,400, it rebounded strongly after placing STHs in unrealized loss territory. However, the 200-week moving average, another key bear market support line, lies near the mid-$26,000 zone. Moreover, the article cautions readers that every investment and trading move involves risk, and readers should conduct their research before making any decisions.
Summary
New Bitcoin-focused institutional investment products have driven large-scale buying, causing BTC’s price to surge past $29,000. Analysts are optimistic about this breakout, and STH cost basis has proven to be a significant trend determiner.