The U.S. trading session is experiencing increased demand due to the hype surrounding Bitcoin ETFs. BTC price has remained stable around $30,000 during the weekly close, with hopes of replicating the previous week’s performance.
The U.S. market has shown significant buyer interest, particularly with institutional product applications based on the Bitcoin spot price. Traders and analysts consider the June 26 U.S. trading session as crucial and anticipate its impact on the market.
Glassnode, an on-chain analytics firm, has observed a growing trend that indicates a potential long-term shift in the market, fueled by the increasing number of U.S. exchange-traded fund (ETF) filings. In its weekly newsletter, “The Week On-Chain,” Glassnode highlighted the emergence of renewed demand from the United States, attributing it to the influx of institutional-grade ETF applications.
This development signifies a significant shift in investor interest and suggests a potential revival in U.S.-led demand for cryptocurrencies.
“This comes after a period of weaker relative US demand in 2023, with top exchanges in Asia seeing the strongest accumulation year to date.”
The price of Bitcoin approached its two-year moving average (MA), reaching slightly above $32,800. Twitter analysis noted that historically, the area below the two-year MA has presented an excellent opportunity for accumulation before the subsequent halving cycle.
A chart accompanying the analysis displayed the two-year MA alongside a trend line indicating that breaking above the former could lead to significant upside potential, with the trend line being five times its value.
Rekt Capital, a trader and analyst, reaffirmed that the overall outlook for Bitcoin remained strong, suggesting that any potential retracements would likely be shallow in nature.
He reasoned that when a correction in Bitcoin ends convincingly, it is highly unlikely for another significant correction to occur immediately after.
“Any downside would likely be dips as part of new uptrend continuation.”