Deutsche Bank Crypto Plans Help Bitcoin Price Hit Highs of $27.5,000 in June

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Bitcoin (BTC) hit new highs for the month after Wall Street opened on June 20 as observers remained cautious about market strength.

BTC/USD 1-day chart. Source: TradingViewNo significant trend changes for Bitcoin at the moment

Data from Cointelegraph Markets Pro and TradingView showed BTC/USD hitting $27,499 on Bitstamp.

The pair saw its highest levels since May 31 as the return of trading in the US market boosted its performance. From the lows of the previous days, the gains totaled around 4.2%.

Despite this, wary market participants refrained from calling even a short-term trend change.

It’s hard to look for a daily breakout confirmation for BTC against the backdrop of this blue high lower diagonal resistance, trader and analyst Rekt Capital commented alongside an explanatory chart.

Because $BTC failed so many new post-breakout tests on the daily time frame here. Better to pay attention to the confirmation of the weekly deadline. BTC/USD annotated chart. Source: Rekt Capital/Twitter

In further Twitter coverage, Rekt Capital added that Bitcoin would have a good chance of breaking out of its current downtrend if strength holds through the weekly close.

But no significant trend change has happened so far, despite all the excitement, he reiterated.

Fellow Crypto trader Tony was slightly more bullish, predicting a return to $27,500.

With the trendline busted as we speak, so let’s see if the bulls have what it takes to turn this into something special, he commented alongside a chart.

Remember that $27,100 is a key level for the bulls to swing towards support tonight. BTC/USD annotated chart. Source: Crypto Tony/TwitterNew institutional crypto moves spark mistrust

The rise accompanied news that Germany’s largest bank, $1.4 trillion lender Deutsche Bank, had applied for a license to hold crypto assets. It was the third similar announcement in the past week, following requests for exchange-traded funds (ETFs) from BlackRock and Fidelity Investments.

Related: Bitcoin Price Sideways Boredom May Last 18 Months New Research

EDX Markets, a new crypto exchange with founding investors including Fidelity, Charles Schwab, and Citadel Securities, opened for business that day.

We are committed to bringing the best of traditional finance to the cryptocurrency markets, with an infrastructure built by market experts to incorporate key institutional best practices, EDX CEO Jamil Nazarali commented in a statement. Press.

Against the backdrop of US regulatory action against two of the largest exchanges in existence, suspicions about the timing of new products and apps were easy to spot.

I’m sorry, but after looking, Blackrock, Fidelity, Citadel, Schwab, and now Deutsche Bank, are all applying for #Bitcoin ETFs, spot exchanges, and more. just days after the SEC filed a TRO on Binance and sued Coinbase. How can you not think that the whole past year has been a huge job inside

Preston Pysh (@PrestonPysh) June 20, 2023

Asset management guru Larry Lepard also cited repeated U.S. rejections of plans by the Grayscale Bitcoin Trust, the largest institutional Bitcoin investment vehicle, to convert to ETFs as food for thought.

Others were hoping for a long-term positive impact on BTC price action.

Bitcoin is bullish. Everything has changed,” wrote marketer and podcast host, Scott Melker, known as The Wolf of All Streets, in part of the social media comments.

Whether you think the Wall Street intrusion is good or bad is irrelevant…it should help Bitcoin price.

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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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