Bitcoin (BTC<\/a>) circled $30,500 at the June 26 Wall Street open as bulls held newfound support.<\/p>\n Data from Cointelegraph Markets Pro<\/a> and TradingView<\/a> showed BTC price action retaining $30,000 around the weekly close.<\/p>\n The largest cryptocurrency began the week on a stable note as U.S. markets began trading, with observers hoping for a copycat move from the week prior.<\/p>\n Then, the United States provided the lion\u2019s share of buyer interest, following multiple announcements of institutional product applications based on the Bitcoin spot price.<\/p>\n \u201cLast week, most action and buying pressure, happened during the US Stock Market Open Hours,\u201d popular trader Daan Crypto Trades noted<\/a> on the day.<\/p>\n Fellow trader Skew agreed, calling the June 26 U.S. trading session \u201cimportant.\u201d<\/p>\n $BTC<\/a> Aggregate CVDs & Delta US session going to be more important (has driven price direction persistently recently) pic.twitter.com\/mfzfSnx5OB<\/a><\/p>\n \u2014 Skew \u0394 (@52kskew) June 26, 2023<\/a><\/p><\/blockquote>\n On-chain analytics firm Glassnode confirmed the trend, suggesting that it could form part of a more long-term shift thanks to the U.S. exchange-traded fund (ETF) filings.<\/p>\n \u201cAs a gold rush of institutional-grade ETF applications are filed in the US, we have seen early signs of a revival of US-led demand,\u201d it wrote in the latest edition of its weekly newsletter, \u201cThe Week On-Chain<\/a>.\u201d <\/p>\n \u201cThis comes after a period of weaker relative US demand in 2023, with top exchanges in Asia seeing the strongest accumulation year to date.\u201d<\/p><\/blockquote>\n Turning to BTC price performance itself, trading suite DecenTrader flagged a key resistance level now overhead.<\/p>\n Related:\u00a0BTC price up, fundamentals down? 5 things to know in Bitcoin this week<\/a><\/em><\/strong><\/p>\n This came in the form of its two-year moving average (MA) at just above $32,800.<\/p>\n \u201cHistorically, underneath the 2 Year MA has provided a fantastic accumulation opportunity ahead of the following halving cycle,\u201d part of Twitter analysis stated<\/a>.<\/p>\n An accompanying chart showed the two-year MA plus the trend line reflecting five times its value, suggesting upside follows breakouts above the former.<\/p>\n Shorter timeframes also showed a lack of interest<\/a> in shorting BTC at current levels, increasing hopes of a resumption of the uptrend.<\/p>\n Others continued to look<\/a> for potential opportunities to \u201cbuy the dip,\u201d with popular trader Crypto Chase giving $29,000 as an example.<\/p>\n $BTC<\/a> $ETH<\/a><\/p>\n These charts are not necessarily predictions, but rather where I see opportunity and am looking to do business. pic.twitter.com\/xqHv2QhZJr<\/a><\/p>\n \u2014 Crypto Chase (@Crypto_Chase) June 26, 2023<\/a><\/p><\/blockquote>\n Trader and analyst Rekt Capital reiterated that the overall picture for Bitcoin remained one of strength, with any potential retracements set to be shallow in nature.<\/p>\n \u201cWhen a BTC correction ends so convincingly\u2026 It\u2019s highly unlikely another deep correction occurs right after,\u201d he reasoned<\/a>.<\/p>\n \u201cAny downside would likely be dips as part of new uptrend continuation.\u201d<\/p><\/blockquote>\n![](\"https:\/\/s3.cointelegraph.com\/uploads\/2023-06\/63424654-06a1-4b5b-8faa-abc4bb73b01a.png\")
Bitcoin ETF hype puts demands on U.S. session<\/h2>\n
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Spot buying led the bounce into the weekly open ($30,447) ; some perp hedging seen here (Perp CVD lower compared to price \/ Spot CVD) <\/p>\n![](\"https:\/\/s3.cointelegraph.com\/uploads\/2023-06\/7cc40bfb-5ef8-4084-a98f-ff161f2f801e.png\")
Analyst: Snap BTC price correction \u201chighly unlikely\u201d<\/h2>\n
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