Bitcoin (BTC) achieved new highs for the month after the June 20 Wall Street open as observers stayed cautious on market strength.
“No meaningful trend shift” for Bitcoin yet
Data from Cointelegraph Markets Pro and TradingView showed BTC/USD reaching $27,499 on Bitstamp.
The pair saw its highest levels since May 31 as the return of United States market trading boosted its performance. Versus the prior day’s lows, gains totaled around 4.2%.
Despite this, wary market participants stopped short of calling even low-timeframe trend shift.
“It’s difficult to look for Daily breakout confirmation for BTC in the context of this blue Lower High diagonal resistance,” trader and analyst Rekt Capital commented alongside an explanatory chart.
“Because $BTC has failed so many post-breakout retests on the Daily timeframe here. Better to watch out for Weekly timeframe confirmation.”
In further Twitter coverage, Rekt Capital added that Bitcoin would have a “good chance” of exiting its current downtrend should strength hold out into the weekly close.
“But no meaningful trend-shift has occurred just yet, despite all the excitement,” he reiterated.
Fellow trader Crypto Tony was slightly more optimistic, forecasting a return to $27,500.
“Trend line being broken out as we speak, so let’s see if the bulls have what it takes to turn this into something special,” he commented alongside a chart.
“Remember that $27,100 is a key level for the bulls to flip into support tonight.”
New institutional crypto moves spark distrust
The uptick accompanied news that Germany’s largest bank, the $1.4 trillion lender Deutsche Bank, had applied for a license to custody crypto assets. This was the third similar announcement of the past week, following exchange-traded fund (ETF) applications from BlackRock and Fidelity Investments.
Related: Bitcoin price ‘sideways boredom’ may last 18 months — New research
EDX Markets, a new crypto exchange with founding investors including Fidelity, Charles Schwab and Citadel Securities, opened its doors on the day.
“We are committed to bringing the best of traditional finance to cryptocurrency markets, with an infrastructure built by market experts to embed key institutional best practices,” EDX CEO, Jamil Nazarali, commented in an accompanying press release.
Against the backdrop of U.S….
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