Bitcoin (BTC<\/a>) recovered some lost ground on June 16 as markets shook off mixed United States macro signals.<\/p>\n Data from Cointelegraph Markets Pro<\/a> and TradingView<\/a> showed BTC\/USD circling $25,500 on Bitstamp after bouncing around $1,000 from the previous day\u2019s lows.<\/p>\n Popular trader Skew followed moves on major exchange Binance around the price action, uncovering concerted buying efforts at the lows. Sellers subsequently stepped in closer to $26,000.<\/p>\n $BTC<\/a> Sellers found more coins https:\/\/t.co\/wuHmiYVLrc<\/a> pic.twitter.com\/04bUfGHp3Q<\/a><\/p>\n \u2014 Skew \u0394 (@52kskew) June 15, 2023<\/a><\/p><\/blockquote>\n The uptick occurred in step with news that the world\u2019s largest asset manager, BlackRock, had filed to list<\/a> a spot Bitcoin exchange-traded fund (ETF).<\/p>\n For Micha\u00ebl van de Poppe, founder and CEO of trading firm Eight, this formed a positive contrast to the slew of negative events<\/a> concerning crypto regulation over the past 10 days.<\/p>\n \u201cBlackrock filing for an ETF is bullish for Bitcoin,\u201d he told<\/a> Twitter followers. <\/p>\n \u201cIt\u2019s amazing that, all of a sudden, a week after the entire crackdown of the SEC on Crypto, big parties jump in. They just want to rule the markets, simple. But all-in-all, some positive signs for the markets.\u201d<\/p><\/blockquote>\n Subsequent news pre-Wall Street open, which focused on Binance quitting Dutch markets<\/a>\u00a0due to regulatory hurdles, as well as reportedly being under investigation<\/a> in France, had little impact on price performance.<\/p>\n When it came to BTC\/USD on short timeframes, traders remained cautious amid the risk of further downside to come.<\/p>\n Related:\u00a03 Bitcoin price metrics showing \u2018insane\u2019 similarities to 2020 breakout<\/a><\/em><\/strong><\/p>\n Both Van de Poppe and popular trader Crypto Tony argued that the lows around $24,500 needed to hold.<\/p>\n So far, so good #Bitcoin<\/a> https:\/\/t.co\/CP5l2dh2IB<\/a><\/p>\n \u2014 Micha\u00ebl van de Poppe (@CryptoMichNL) June 16, 2023<\/a><\/p><\/blockquote>\n $BTC<\/a> \/ $USD<\/a> – Update <\/p>\n Spiked back up the support zone, so for me i am long scalping this up to $26,000 – $26,500. Only while we hold the lows put n yesterday pic.twitter.com\/pd3bBHALRg<\/a><\/p>\n \u2014 Crypto Tony (@CryptoTony__) June 16, 2023<\/a><\/p><\/blockquote>\n \u201cNothing has changed in my view,\u201d fellow trader Moustache continued<\/a>, zooming out to the weekly chart.<\/p>\n \u201cFakeouts are always possible, but it should be mentioned that $BTC is back in a falling wedge. – Retest of an Inverse Head & Shoulder-Pattern in the form of a Falling Wedge.\u201d<\/p><\/blockquote>\n Moustache referred to the inverse head-and-shoulders pattern playing out over the past year. <\/p>\n Earlier this month, as Cointelegraph reported, trader Mikybull Crypto argued that a successful resolution could spark a run to $40,000<\/a>.<\/p>\n![](\"https:\/\/s3.cointelegraph.com\/uploads\/2023-06\/74d47cc2-6e82-4c23-a9a6-d0a701a01769.png\")
BlackRock Bitcoin ETF plan buoys markets<\/h2>\n
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BTC price may avoid $23,000 \u201ccascade\u201d<\/h2>\n
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