June 21 (Cointime) - Bitcoin (BTC) reached a high of $29,014 on Bitstamp, its highest since May 7, due to continued buyer interest and multiple announcements regarding new Bitcoin-focused institutional investment products. Analysts believe that this breakout beyond the multi-month downtrend is a cause for a modest rethink and that it is very unlikely to end up as an upside wick like in previous months.
On-chain analytics firm Glassnode highlighted the significance of the short-term holder (STH) cost basis, which rebounded strongly after placing STHs in unrealized loss territory. The 200-week moving average, another key bear market support line, currently lies near the mid-$26,000 zone.
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