Bitcoin Draws Fresh Support From 3 Bullish Signals

Standard Chartered Global Head of Digital Assets Research Geoffrey Kendrick said on June 15 that three bullish signals for bitcoin have now appeared, matching the conditions he outlined last Friday. The update centered on fresh Strategy buying, positive BTC exchange-traded fund (ETF) flows, and lower oil prices.

Market conditions shifted after Strategy (Nasdaq: MSTR) disclosed on June 15 that it bought 1,587 BTC last week. The purchase met one of the confirmation points the bank had identified last Friday, when it flagged renewed corporate buying as a condition to watch.

Kendrick said:

“There has been a lot of chat about BTC making lower highs. So breaking above the USD83K region from early May will be the next critical confirmation needed.”

Spot bitcoin ETF flows added a second bullish indicator. The June 15 update said Friday produced a positive inflow day for BTC, with $86 million entering the products. That followed recent weeks described as among the sharpest periods of ETF selling since inception.

Lower oil prices supplied the third development. Last Friday, Kendrick identified continued weakness in crude as one of three conditions that would reinforce a constructive bitcoin outlook.

Bitcoin’s $83K Region Becomes the Breakout Level to Watch

The SpaceX IPO added another flow-related catalyst. The Elon Musk company reached a $2.1 trillion valuation on its debut day after pricing shares at $135 and opening at $150 on Nasdaq. Kendrick had linked the offering to recent BTC ETF selling, citing investors raising cash for IPO participation.

Friday’s note outlined the three developments Standard Chartered wanted to see before gaining greater confidence in bitcoin’s recovery. By June 15, the firm said each of those conditions had been met.

The Standard Chartered head of digital asset research noted:

“I think we have now seen the low in crypto asset prices for the cycle.”

Attention has now shifted to the $83,000 region from early May. The firm identified that area as the next critical technical hurdle amid ongoing debate over bitcoin’s pattern of lower highs. As of writing, BTC is trading at $66,514.06.