Bitcoin’s price sees a rise to the highest levels this month, although market watchers are holding their breath for the weekly candle close.

Bitcoin BTC $30,280 marked new peaks for the month following the June 20 Wall Street opening, while market observers remained careful about market vigor.

BTC Still Awaits Noteworthy Trend Change

Data from Cointelegraph Markets Pro and TradingView saw BTC/USD hitting $27,499 on Bitstamp. This is the highest level since May 31, as the resumption of US market trading seemed to stimulate its performance. In comparison to the lows of the previous day, the gain stood at about 4.2%.

Despite the increase, cautious market players were hesitant to declare a trend shift even in a low timeframe.

Trader and analyst Rekt Capital, on discussing this issue, mentioned that due to Bitcoin’s consistent failure of post-breakout retests on the daily timeframe, it would be prudent to look for confirmation on a weekly timeframe.

On Twitter, Rekt Capital further mentioned that Bitcoin could potentially break free from its current downtrend if this strength persists until the weekly closure. However, he reiterated that no significant trend-shift has occurred despite the excitement.

Crypto Tony, another trader, seemed slightly more optimistic, predicting a return to $27,500. He further commented that the trend line is being broken as of the moment, making it exciting to see if the bulls can turn this into something noteworthy.

Skepticism Surrounds Recent Institutional Crypto Movements

Coinciding with the uptick in Bitcoin’s price is the news that Germany’s largest bank, Deutsche Bank, with a $1.4 trillion lending capacity, has applied for a license to custody crypto assets. This marks the third announcement of the sort this past week, following ETF applications from BlackRock and Fidelity Investments.

EDX Markets, a new cryptocurrency exchange supported by founding investors that include Fidelity, Charles Schwab, and Citadel Securities, launched on the same day. However, considering the recent US regulatory action against two of the largest existing exchanges, there are growing suspicions about the timing of these new products and applications.

Asset management expert Larry Lepard cited the repeated US rejections of plans by the Grayscale Bitcoin Trust, the largest Bitcoin institutional investment vehicle, to convert to an ETF as a point of consideration.

Despite these concerns, some remain optimistic about the long-term positive impact on BTC’s price. Scott Melker, a trader and podcast host known as “The Wolf of All Streets,” commented on social media that “Bitcoin is bullish. Everything has changed,” implying that regardless of one’s stance on Wall Street’s intrusion into cryptocurrencies, it should potentially boost Bitcoin’s price.