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Bitcoin’s 15% rally toward $30,300 between June 19 and June 21 caught most traders by surprise, triggering $125 million in liquidations of leveraged short futures contracts. Narrowing down the trigger for the rally is complicated, but some analysts point to the potential inflow of institutional investors if BlackRock’s exchange-traded fund (ETF) application gets regulatory approval.

ARK Invest CEO and chief investment officer Cathie Wood explained the rationale for the firm’s bullishness on the Bitcoin (BTC) price, specifically its $1 million target. According to Wood, even in a deflationary environment, Bitcoin can still outperform by offering a solution to the traditional financial system’s counterparty risk.

Furthermore, the negative regulatory pressure eased on June 16 after Binance was able to strike a temporary agreement with the U.S. Securities and Exchange Commission to avoid a potential asset freeze. The event further cemented Bitcoin bears’ opportunity to profit on the $715 million weekly BTC options expiry.

Bears made a mistake when BTC’s price dropped below $25,000

Bitcoin’s price dropped below $26,300 on June 10, fueling bearish bets by traders using options contracts. Such a level was only recouped on June 16, which explains why bears have concentrated their bets on Bitcoin trading below $27,000.

The 0.82 put-to-call ratio reflects the difference in open interest between the $415 million call (buy) options and the $300 million put (sell) options. However, the outcome will be lower, as bears were caught by surprise as Bitcoin gained 10% in two days.

Altcoins offer diverse, innovative features, promising technological advancements, and potentially lucrative investment opportunities.

Many-a-time specific altcoins post handsome gains that surpass Bitcoin (BTC), popularly known as altcoin season. However, K33 Research analysis shows over the long-term, ‘Bitcoin only’ has been a better investment strategy than an altcoin portfolio.

Altcoin portfolio underperformed Bitcoin over the long run

Bitcoin has had three consecutive bull and bear market cycles, starting in 2013 with the latest one coming in 2021. In each cycle, Bitcoin’s price rose parabolically in a very short span, usually a few months, after surpassing the peak of its previous cycle.

In 2013, BTC peaked around $1,175 and after that followed a downtrend for two years. At the time, the altcoin market was in its nascent stage. The fiat onramps to Bitcoin were limited and exchanges to convert them to altcoins were rare.

However, by the end of 2015, a number of altcoins, including the invention of Ethereum had occurred. A few exchanges had also propped up that supported conversion of Bitcoin to other cryptocurrencies, paving the way for an altcoin market.

Altcoins offer diverse, innovative features, promising technological advancements, and potentially lucrative investment opportunities.

Many-a-time specific altcoins post handsome gains that surpass Bitcoin (BTC), popularly known as altcoin season. However, K33 Research analysis shows over the long-term, ‘Bitcoin only’ has been a better investment strategy than an altcoin portfolio.

Altcoin portfolio underperformed Bitcoin over the long run

Bitcoin has had three consecutive bull and bear market cycles, starting in 2013 with the latest one coming in 2021. In each cycle, Bitcoin’s price rose parabolically in a very short span, usually a few months, after surpassing the peak of its previous cycle.

In 2013, BTC peaked around $1,175 and after that followed a downtrend for two years. At the time, the altcoin market was in its nascent stage. The fiat onramps to Bitcoin were limited and exchanges to convert them to altcoins were rare.

However, by the end of 2015, a number of altcoins, including the invention of Ethereum had occurred. A few exchanges had also propped up that supported conversion of Bitcoin to other cryptocurrencies, paving the way for an altcoin market.

Bitcoin (BTC) will unlikely see its first spot price exchange-traded fund (ETF) in the United States soon.

That is the opinion of trading firm QCP Capital, which in its latest market update on June 22 warned over spot ETFs’ prospects.

SEC's Gensler presents Bitcoin ETF roadblock

BTC price action has offered more than 20% gains since BlackRock, the world’s largest asset manager, applied to list a U.S. spot Bitcoin ETF.

This would be the first of its kind, as all such spot ETF applications have been rejected so far by U.S. regulator, the Securities and Exchange Commission (SEC).

While institutional involvement in the Bitcoin space is destined to increase, QCP says, the current makeup of the SEC means that spot ETFs getting the go-ahead remains unlikely.

Bitcoin (BTC) lingered near $30,000 on June 22 as traders sought opportunities to “buy the dip.”

Bitcoin dip-buyers "ready" for $28,000

Data from Cointelegraph Markets Pro and TradingView showed BTC/USD volatility calming overnight after rapid gains.

BTC price performance had wowed the day prior, the largest cryptocurrency returning to the $30,000 mark for the first time since mid-April.

Now, hopes were increasing over a modest correction next, enabling lucrative entry points for further long positions.

“Bitcoin looking at this scenario,” Michaël van de Poppe, founder and CEO of trading firm Eight, told Twitter followers.