Bitcoin (BTC<\/a>) achieved new highs for the month after the June 20 Wall Street open as observers stayed cautious on market strength.<\/p>\n Data from Cointelegraph Markets Pro<\/a> and TradingView<\/a> showed BTC\/USD reaching $27,499 on Bitstamp.<\/p>\n The pair saw its highest levels since May 31 as the return of United States market trading boosted its performance. Versus the prior day\u2019s lows, gains totaled around 4.2%.<\/p>\n Despite this, wary market participants stopped short of calling even a low-timeframe trend shift.<\/p>\n \u201cIt’s difficult to look for Daily breakout confirmation for BTC in the context of this blue Lower High diagonal resistance,\u201d trader and analyst Rekt Capital commented<\/a> alongside an explanatory chart. <\/p>\n \u201cBecause $BTC has failed so many post-breakout retests on the Daily timeframe here. Better to watch out for Weekly timeframe confirmation.\u201d<\/p><\/blockquote>\n In further Twitter coverage, Rekt Capital added<\/a> that Bitcoin would have a \u201cgood chance\u201d of exiting its current downtrend should strength hold out into the weekly close.<\/p>\n \u201cBut no meaningful trend-shift has occurred just yet, despite all the excitement,\u201d he reiterated.<\/p>\n Fellow trader Crypto Tony was slightly more optimistic, forecasting a return to $27,500.<\/p>\n \u201cTrend line being broken out as we speak, so let\u2019s see if the bulls have what it takes to turn this into something special,\u201d he commented<\/a> alongside a chart. <\/p>\n \u201cRemember that $27,100 is a key level for the bulls to flip into support tonight.\u201d<\/p><\/blockquote>\n The uptick accompanied news that Germany\u2019s largest bank, the $1.4 trillion lender Deutsche Bank, had applied for a license to custody crypto assets<\/a>. This was the third similar announcement of the past week, following exchange-traded fund (ETF) applications from BlackRock and Fidelity Investments.<\/p>\n Related:\u00a0Bitcoin price \u2018sideways boredom\u2019 may last 18 months \u2014 New research<\/a><\/em><\/strong><\/p>\n EDX Markets \u2014 a new crypto exchange with founding investors including Fidelity, Charles Schwab and Citadel Securities \u2014 opened its doors on the day.<\/p>\n \u201cWe 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,\u201d EDX CEO Jamil Nazarali commented<\/a> in an accompanying press release.<\/p>\n Against the backdrop of U.S. regulatory action against two of the biggest extant exchanges, suspicions over the timing of the new products and applications were easy to spot.<\/p>\n I’m sorry, but after watching, Blackrock, Fidelity, Citadel, Schwab and now Deutsche Bank, all apply for #Bitcoin<\/a> ETFs, spot exchanges, etc. only a few days after the SEC drops a TRO on Binance and sues Coinbase… how can’t you think this entire past year was a giant inside job\u2026<\/p>\n \u2014 Preston Pysh (@PrestonPysh) June 20, 2023<\/a><\/p><\/blockquote>\n Asset management guru Larry Lepard additionally\u00a0cited<\/a> the repeated U.S. rejections<\/a> of plans by the Grayscale Bitcoin Trust, the largest Bitcoin institutional investment vehicle, to convert to an ETF as food for thought.<\/p>\n Others were hopeful for the long-term positive impact on BTC price action.<\/p>\n \u201cBitcoin is bullish. Everything has changed,” trader and podcast host, Scott Melker, known as \u201cThe Wolf of All Streets,\u201d wrote<\/a> in part of the day\u2019s social media commentary.<\/p>\n \u201cWhether you think the Wall Street intrusion is good or bad is irrelevant… it should help the price of Bitcoin.\u201d<\/p><\/blockquote>\n![](\"https:\/\/s3.cointelegraph.com\/uploads\/2023-06\/5d058247-2ae2-49cb-88fd-c2bb856ae55f.png\")
\u201cNo meaningful trend shift\u201d for Bitcoin yet<\/h2>\n
![](\"https:\/\/s3.cointelegraph.com\/uploads\/2023-06\/a8b02cc0-8103-4a93-8641-19af152933d2.jpeg\")
![](\"https:\/\/s3.cointelegraph.com\/uploads\/2023-06\/f4b0f6bc-7271-42ba-8ca1-2a7a4187e598.jpeg\")
New institutional crypto moves spark distrust<\/h2>\n
\n