Bitcoin prices reached their highest levels this month, hitting $27,499 on Bitstamp after the return of US market trading. However, analysts are still cautious about the market’s strength and are waiting for the weekly candle close before making any meaningful trend shift predictions. Analysts such as Rekt Capital suggest that it is better to watch out for weekly timeframe confirmation instead of looking for daily breakout confirmation in the current context.
Meanwhile, Deutsche Bank, Germany’s largest bank, has applied for a license to custody crypto assets, sparking new institutional crypto moves. This follows recent announcements by BlackRock and Fidelity Investments about exchange-traded fund (ETF) applications. The timing of these new products and applications has raised suspicions given U.S. regulatory action against two of the biggest extant exchanges. While some, like asset management guru Larry Lepard, see this as food for thought, others are hopeful for the long-term positive impact on BTC price action. The Wolf of All Streets’ Scott Melker, for instance, wrote that “Bitcoin is bullish. Everything has changed” and that the Wall Street intrusion should help the price of Bitcoin.