- It was another day of gains in the cryptocurrency market on Friday as the enforcement actions by the U.S. Securities and Exchange Commission against prominent crypto firms in early June have faded into the background thanks to the renewed interest of institutional investors in digital assets and multiple spot Bitcoin ETF filings.
Data provided by TradingView shows that after hovering near support at $30,000 since late Wednesday evening, Bitcoin's price spiked to a high of $31,485 on Friday afternoon before pulling back to $31,000.The strengthening case for Bitcoin was evidenced in the July Bitcoin futures market, with prices trading “firm and near this week’s contract high” on Friday, according to Kitco senior technical analyst Jim Wyckoff.
According to McGlone, “Bitcoin’s key pivot point has been around $30,000 since 2021, when most risk assets appreciated on the back of the biggest money-supply surge in history. That the liquidity rug-pull is still happening, with most central banks continuing to tighten in June, could be a headwind, even as risk assets have bounced on hopes for a mild US recession and easing by the Fed.”
Cubic Analytics founder Caleb Franzen largely echoed what McGlone said in the following tweet where he highlighted the major zone of resistance for Bitcoin between $31,000 and $35,000.
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