Bitcoin Price Prediction as the Coin Surges Further to $30.5k Following Institutional Involvement

Updated: 22 June 2023

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Bitcoin’s (BTC) price saw another small bull run yesterday, June 21st, thus continuing a surge that started last Friday. Over the next 6 days, the price has been advancing upward in several waves, often interrupted by strong resistance levels. However, recent events have increased the buying pressure enough for BTC to push through most resistances and climb back up to the $30k mark.

On Wednesday afternoon, BTC skyrocketed again and breached several resistances, including the one at $29k, which stopped its advancement the previous day. After that, it climbed up to $30k, also breaking this level. The surge ended when the coin climbed to $30,645, followed by a quick correction to $29,890.

Analysts commented on the new situation as well, with one of them, the Signalyst, stating that BTC is now facing a strong resistance level at $31k-$32k. According to him, bulls would have to take over from a MACRO perspective to stay in control, and the weekly candle must close above $32,000.

Meanwhile, he warned that the bears can still take over if the price drops and breaks the support at $29,500.

Another expert used an experimental method based on the Ichimoku Forecast Lines in the daily timeframe, suggesting that the price could go up to $31,849 if it crosses the lines. Possible higher levels, according to the analyst, include $32,904 and $33,789.

Bitcoin surge fueled by ETF filings

Last week, Bitcoin was seeing a series of drops that threatened to take it back down to lower $20k levels. However, the bearish wave was interrupted when Blackrock filed a new Bitcoin spot ETF with the US SEC. The move immediately attracted the attention of the crypto market. At the same time, crypto whales have accumulated over $3.5 billion in crypto, so there were two reasons for buyers to become a dominant force.

After Blackrock started the surge, Invesco added more fuel to it by refiling for a Bitcoin ETF itself. Previously, the company filed for an ETF in 2021, but the move was unsuccessful. Now, it joined BlackRock, which will potentially inspire others to do the same. WisdomTree already responded to the new ETF-filing trend by filing its own application. It certainly impacted the crypto community and increased buying pressure enough for the coin’s price to go up by over $1,500 in only a few hours.

Bitcoin equities ETF emerges on Euronext Amsterdam stock exchange

Speaking of Bitcoin ETFs, a new development beneficial for Dutch investors took place earlier today when Bitcoin equities exchange-traded fund emerged on the Euronext Amsterdam stock exchange. The Netherlands welcomed the new fund that will grant investors exposure to Bitcoin-related company stocks.

The ETF is designed to track the Melanion Bitcoin Exposure Index, introduced by a French investment firm, Melanion Capital. The fund is compliant with the European Commission’s Undertakings for the Collective Investment in Transferable Securities (UCITS) regulatory framework. Melanion Capital’s CEO, Jad Comair, said,

The Dutch market has shown tremendous interest in digital assets, and we are delighted to offer them an avenue to access this exciting investment opportunity within a regulated framework.

Bitcoin options volume surges to $3.3 billion

Bitcoin’s price rally also impacted Bitcoin options, which saw a sharp jump in volume. The crypto industry saw bitcoin options contracts worth $3.3 billion exchanged hands across major exchanges. This was the highest single-day notional volume seen in the last three months.

With options, investors gain the right to buy or sell the underlying asset (Bitcoin) at a set price but at a later date. In the past, traders have usually bought call options as a low-cost leveraged bullish bet. The most common prices for call options have been $30k, $31k, $32k, and $40k in the last 24 hours.

Wall Street Memes continues to hit presale milestones

While Bitcoin is reclaiming its dominance over the crypto industry, a new cryptocurrency called Wall Street Memes (WSM) continues attracting investor interest and money. The project, inspired by a subreddit called WallStreetBets and its fight against institutional investors in 2021, offers a meme coin that will forever serve as a reminder of amateur investors doing what is right.

The project has already raised over $9.3 million during its presale. Its token, WSM, is currently available at a price of $0.0298 per token. The price will jump to $0.0301 in about a day as the presale enters its next phase. The token can be purchased with ETH, USDT, or via credit and debit cards.

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