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June 20, 2023 6:02 p.m. | 1 minute read
Bitcoin (CRYPTO:BTC) is currently enjoying a bullish trading season, accompanied by notable developments in the crypto market.
What happened: Major financial players including Citadel Securities, Fidelity Digital Assets and Charles Schwab launched EDX Markets, a new crypto exchange, cementing the growing acceptance of digital currencies in finance traditional.
Additionally, the announcement of the BlackRockBitcoin ETF caught the attention of investors, signaling an important step towards the mainstream adoption of Bitcoin. It should be listed on NASDAQ.
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While today’s S&P candle is showing a relatively stable performance, it reflects a sense of caution among traders and investors in the broader financial markets.
See also: Institutional-only crypto exchange EDX markets debut with backing from major financial firms
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Why it matters: The $28,000 resistance level has become a crucial hurdle this year. Bitcoin managed to top it a few times in 2023, with a brief 8-day stretch above $30,000. This emphasizes the challenge associated with breaking this resistance level.
Traders and investors are watching Bitcoin’s price action closely, analyzing technical indicators for potential breakouts or reversals. With the successful break above $28,000, there could be significant implications, such as an indication of more bullish market sentiment.
BTC Price Action: According to CoinMarketCap, Bitcoin is trading at $28,113.21, up 4.91% in the past 24 hours on Tuesday afternoon.
Seven-day Bitcoin chart courtesy of CoinMarket Cap
Read next: Bitcoin and Ethereum ready to rally? Josh Brown Says Crypto Has Entered a “New Phase” as Institutional Investors Seek to Jump In
This article was generated in part by ChatGPT and has been reviewed by an editor at Benzinga.
Photo: Shutterstock
2023 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
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