Bitcoin surged to new monthly highs on June 20 following the opening of Wall Street, but experts remain cautious about the market’s strength.

BTC/USD on Bitstamp reached $27,499, marking its highest level since May 31 and representing a gain of approximately 4.2% from the previous day’s lows, according to data from Cointelegraph Markets Pro and TradingView.

Despite the notable increase, market participants refrained from declaring a significant trend shift, emphasizing the importance of confirming breakout patterns on longer timeframes.

“It’s difficult to look for Daily breakout confirmation for BTC in the context of this blue Lower High diagonal resistance,” trader and analyst Rekt Capital stated.

Rekt Capital, a trader and analyst, pointed out that Bitcoin’s failure to pass post-breakout retests on the daily timeframe warrants a watch for confirmation on the weekly timeframe.

Rekt Capital also stated that if Bitcoin maintains its strength until the weekly close, it would have a “good chance” of breaking out of its current downtrend. However, he emphasized that no meaningful trend shift has occurred yet, despite the excitement surrounding the recent price movement.

Crypto Tony, another trader, expressed slightly more optimism, predicting a return to $27,500.

“Trend line being broken out as we speak, so let’s see if the bulls have what it takes to turn this into something special,” he stated alongside a chart.

Institutional Crypto Developments Trigger Skepticism Among Investors

The surge in Bitcoin’s price coincided with news that Deutsche Bank, Germany’s largest bank with assets worth $1.4 trillion, had applied for a license to offer custody services for crypto assets. This announcement followed similar moves by BlackRock and Fidelity Investments, which applied for exchange-traded funds (ETFs) related to cryptocurrencies.

On the same day, EDX Markets, a new crypto exchange backed by prominent investors such as Fidelity, Charles Schwab, and Citadel Securities, commenced operations.

“We are committed to bringing the best of traditional finance to cryptocurrency markets, with an infrastructure built by market experts to embed key institutional best practices,” In an accompanying press release, Jamil Nazarali, CEO of EDX, commented.

However, the timing of these announcements and product launches raised suspicions among some observers, particularly in light of recent regulatory actions against major cryptocurrency exchanges in the United States. Larry Lepard, an asset management expert, drew attention to the repeated rejection of the Grayscale Bitcoin Trust’s ETF conversion plans as a point worth considering.

Despite concerns about the influx of traditional financial players into the cryptocurrency market, some experts remain optimistic about Bitcoin’s long-term prospects.

“Bitcoin is bullish. Everything has changed,” trader and podcast host, Scott Melker, known as “The Wolf of All Streets,” expressed Scott Melker, a trader and podcast host renowned as “The Wolf of All Streets,” in his insightful social media discourse for the day.

None of the information on this website is investment or financial advice and does not necessarily reflect the views of CryptoMode or the author. CryptoMode is not responsible for any financial losses sustained by acting on information provided on this website by its authors or clients. Always conduct your research before making financial commitments, especially with third-party reviews, presales, and other opportunities.