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We noted last week that Bitcoin could fall to the $22,000 price level as the market capitalization of the entire crypto sphere was slated to fall below the $1 trillion threshold amid the SEC’s proactive stance against the vast majority of cryptocurrencies. However, buffeted by an onslaught of fresh institutional interest, the dip in Bitcoin’s price proved to be shallower than expected, allowing the world’s premier cryptocurrency to resume its broader uptrend.
As can be seen in the chart above, Bitcoin dipped to a local low of $24,700 on June 15. Since then, the cryptocurrency has been up nearly 20 percent, currently trading just below the critical $30,000 price level.
A number of factors appear to have contributed to this bullish development.
Bitcoin’s Uptrend and the Confluence of Bullish Factors
First, the Federal Reserve paused its interest rate hiking campaign in June. While the apex monetary institution in the US did convey a preference for a higher-than-expected terminal rate, the market has chosen to ignore that guidance and appears to be betting on a soft economic landing. This paradigm is supportive of risk assets, including Bitcoin.
Bitcoin has risen sharply by 6.9% in the past 24 hours, and by 10.6% in the last 7 days. Tradingview shows that Bitcoin's market value has reached 51%.
Since last Thursday, four large ETF institutions including iShares Bitwise WisdomTree Invesco have applied for Bitcoin ETF.…
— Wu Blockchain (@WuBlockchain) June 21, 2023
More recently, four dominant ETF institutions, including BlackRock’s iShares, Bitwise, WisdomTree, and Invesco, have submitted applications to the SEC to launch spot Bitcoin ETFs, which have long been considered a holy grail of sorts for driving a broad-based financialization of the world’s premier cryptocurrency (read here for additional context on this topic). This development comes as the SEC recently bestowed the security status on a large number of prominent cryptocurrencies, barring Bitcoin.
🚨BREAKING: Invesco, a financial firm with assets worth $1.49 trillion, announces the resumption of its application for a #BitcoinETF.
Meanwhile, #Bitcoin has reached $29k. pic.twitter.com/QSW5qfhbzs
— Coinwire.com (@coinwirehq) June 21, 2023
Do note that Invesco alone manages assets worth approximately $1.5 trillion, comfortably exceeding the market cap of the entire crypto sector. Against this backdrop, a fresh influx of institutional capital – as would be the case should these new ETF applications be approved by the SEC – will support the upward price thrust in Bitcoin.
Additionally, just yesterday, Citadel Securities, Fidelity Investments, and Charles Schwab partnered to launch EDX Markets, a non-custodial crypto exchange that would leverage the “best practices from traditional finance” to offer increased liquidity and competitive quotes. Currently, the exchange supports trading in just four cryptocurrencies: Bitcoin, Bitcoin Cash, Ether, and Litecoin. This conservative approach means that the exchange has chosen to avoid all cryptocurrencies deemed a security by the SEC.
#BTC has reclaimed the 200-week MA as support and broken the multi-month downtrend$BTC #Crypto #bitcoin pic.twitter.com/Dr03nbHwd0
— Rekt Capital (@rektcapital) June 21, 2023
All of these factors have now allowed Bitcoin to reclaim its 200-week moving average as support while breaking the multi-month downtrend.
As previously stated, the #Bitcoin Short-Term Holder Cost-Basis at $26,550 remains a significant baseline in determining market trend.
The recent deviation below the STH-CB was not decisive, culminating in a reclamation of the prevailing uptrend. https://t.co/DzkEaWnVzn pic.twitter.com/7FtRNJci47
— glassnode (@glassnode) June 21, 2023
Additionally, as shown in the above tweet, the recent dip below the cost-basis of the short-term holder of Bitcoin was not decisive in nature. Now that Bitcoin has resumed its broader uptrend, Bitcoin bulls can anticipate further gains this summer amid a relatively benign environment for risk assets, barring any new explosive development, of course.
About the author: Writing is my one incontrovertible passion. Over the past six years, he has authored over 2,200 distinct articles on financial and tech-related topics, spanning nearly 1 million words. And he has been a member of Wcctech mobile team since 2025. As an alumnus of the University of Toronto, Rotman Commerce Program, I bring nuance, in-depth knowledge, and a unique perspective to every topic that I cover. When I'm not writing, I'm traveling the world, exploring hidden confectionaries and restaurants as an aspiring food connoisseur.
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