Bitcoin price dips lower as traders demand support at $24.5,000

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Bitcoin (BTC) recovered some lost ground on June 16 as markets shrugged off mixed macro signals from the US.

BTC/USD 1 hour candle chart on Bitstamp. Source: TradingViewBlackRock Bitcoin ETF Plan Supports Markets

Data from Cointelegraph Markets Pro and TradingView showed BTC/USD hovering around $25,500 on Bitstamp, after bouncing around $1,000 from previous days’ lows.

Popular trader Skew has been tracking movements on the big Binance exchange around price action, revealing concerted buying efforts at the bottom. The sellers then closed in on $26,000.

The rise came alongside news that the world’s largest asset manager, BlackRock, had filed for listing of a spot Bitcoin exchange-traded fund (ETF).

For Michal van de Poppe, founder and CEO of trading company Eight, this formed a positive contrast to the multitude of negative events surrounding crypto regulation over the past ten days.

Blackrock’s filing of an ETF is bullish for Bitcoin, he told Twitter followers.

It’s amazing that all of a sudden, a week after the whole SEC crackdown on Crypto, major parties are stepping in. They just want to rule the markets, it’s simple. But overall some positive signs for the markets.

Subsequent news before Wall Street, which focused on Binance leaving the Dutch markets also due to regulatory hurdles and allegedly being investigated in France, had little impact on price performance. .

BTC price can avoid a “waterfall” of $23,000

When it comes to BTC/USD in the short term, traders remained cautious of the risk of further declines ahead.

Related: 3 Bitcoin Price Metrics Showing Insane Similarities to the 2020 Breakout

Van de Poppe and popular Crypto trader Tony both argued that the lows around $24,500 must hold.

Nothing has changed in my opinion, fellow trader Mustache continued, zooming out of the weekly chart.

Fakeouts are always possible, but it’s worth mentioning that $BTC is back in a falling wedge. – Retest of an inverted head and shoulders pattern as an annotated Falling Wedge.BTC/USD chart. Source: Mustache/Twitter

Mustache referred to the inverted head and shoulders pattern that has been going on for the past year.

Earlier this month, as Cointelegraph reported, Crypto trader Mikybull argued that a successful resolution could trigger a run to $40,000.

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This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.

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