Bitcoin (BTC) is moving towards a vital area following the Wall Street open on June 16 as the recovery from three-month lows continues. The data from Cointelegraph Markets Pro and TradingView showed BTC/USD nearing $26,000 on Bitstamp. The BTC price built on an overnight rebound from its lowest levels since early March amid ongoing regulatory and macroeconomic pressures.
According to Michaël van de Poppe, founder and CEO of trading firm Eight, $26,000 is a key level for bulls to flip next. He told his Twitter followers that the “long weekend is coming up with the bank holiday on Monday.” He also referred to the June 16 Martin Luther King Jr. holiday in the U.S. He said: “For Bitcoin, the crucial area to break is $26K. If that breaks, we’ll have some acceleration. I’m still long, would still long if we reach $24.4K too.” Many popular traders were already focused on the $24,400 downside area of interest.
Daan Crypto Trades predicted a return closer to $26,000 as part of a narrowing wedge structure in place on lower timeframes. Fellow trader Jelle wrote in one of the day’s tweets that “This dip into $24,000 is a great opportunity,” adding that he was “ready for the bull market.”
June 16 was another testing day for major exchange Binance. France launched investigative proceedings hours after an announcement that Binance would quit the Netherlands altogether over regulatory difficulties. However, the markets seemed immune to the news, and Binance CEO Changpeng Zhao, known as CZ, called the France episode “FUD.” He tweeted: “France, surprise (no advanced notice) on-site inspections of regulated businesses are the norm, for banks, and now for crypto too. The surprise visit for Binance France happened a couple of weeks ago. It’s not ‘news.’ Binance France cooperated fully.”
CZ also mentioned that Binance isn’t the only crypto business inspected, and other well-known crypto businesses in Paris also faced similar inspections. Binance’s in-house token, BNB (BNB), appeared resilient, climbing to $240 on the day.