Bitcoin price eyes $26K ‘acceleration’ zone as Binance fears fade

Bitcoin (BTC) headed toward a “crucial area” after the June 16 Wall Street open as a recovery from three-month lows continued.

BTC/USD 1-hour chart

Bitcoin reinforces rebound from multi-month lows

Data from Cointelegraph Markets Pro and TradingView showed BTC/USD nearing $26,000 on Bitstamp.

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For Michal van de Poppe, founder and CEO of trading firm Eight, $26,000 represented a key level for bulls to flip next.

“Long weekend is coming up with the bank holiday on Monday,” he told Twitter followers, referencing the June 16 Martin Luther King Jr. holiday in the U.S.

“For Bitcoin, 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.”

That $24,400 downside area of interest was already in focus for various popular traders.

Among them was Daan Crypto Trades, who predicted a return closer to $26,000 as part of a narrowing wedge structure in place on lower timeframes.

#Bitcoin Low timeframe:

Struggling to break the Weekly VWAP so far.

You can clearly see how it’s rejecting price every time we’ve touched it.

A break above, should lead to a next leg into the May lows around 25.8-25.9K.

Support sits at $25.3K. pic.twitter.com/kIjeRdaMiN

June 16, 2023

“This dip into $24,000 is a great opportunity,” fellow trader Jelle wrote in part of the day’s tweets, adding that he was “ready for the bull market.”

My game plan remains unchanged.

I started buying around $16,500, and so long as we trade below $30,000 – I will continue to buy on pullbacks.

This dip into $24,000 is a great opportunity.

Bought more #Bitcoin – ready for the bull market. pic.twitter.com/R78ZUu7SPI

June 16, 2023

Market joins Binance CEO dismissing France “FUD”

June 16 meanwhile formed another testing day for major exchange Binance, with France launching investigative proceedings hours after an announcement that Binance would quit the Netherlands altogether over regulatory difficulties.

Related: 3 Bitcoin price metrics showing ‘insane’ similarities to 2020 breakout

Markets appeared immune to the news, however, and in characteristic fashion, Binance CEO Changpeng Zhao, known as CZ, called the France episode “FUD.”

“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,” he tweeted on the day.

BNB/USD 1-hour chart

Binance’s in-house token, BNB (BNB), appeared similarly resilient, climbing to $240 on the day.

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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.