Bitcoin (BTC) price is nearing $26,000 on June 16, 2023, as bulls eye a crucial resistance level. The price of BTC has been on a recovery from three-month lows, and traders are optimistic that the uptrend will continue.

Michaël van de Poppe, founder and CEO of trading firm Eight, said that $26,000 is a key level for bulls to flip next. "Long weekend is coming up with the bank holiday on Monday," he tweeted. "For Bitcoin, crucial area to break is $26K. If that breaks, we'll have some acceleration. I'm still long, would still long if we reach $24.4K too."

That $24,400 downside area of interest was already in focus for various popular traders. Daan Crypto Trades, for example, predicted a return closer to $26,000 as part of a narrowing wedge structure in place on lower timeframes. "This dip into $24,000 is a great opportunity," fellow trader Jelle wrote in part of the day's tweets, adding that the Twitter user was "ready for the bull market."

Markets appeared immune to the news of France launching investigative proceedings against Binance, with the exchange's CEO Changpeng Zhao calling the episode "FUD" — fear, uncertainty and doubt. "France, surprise (no advanced notice) on-site inspections of regulated businesses are the norm, for banks, and now for crypto too. The surprise visit for Binance France happened a couple of weeks ago. It's not 'news'. Binance France cooperated fully," he tweeted. "Binance also isn't the only crypto business inspected. This happened to other well known crypto businesses in Paris too. Binance France continues to be our flagship center in Europe."

Binance's in-house token, BNB, appeared similarly resilient, climbing to $240 on the day.

Overall, the outlook for Bitcoin price is positive as bulls eye $26,000. However, it is important to note that the market is still volatile and there is a risk of a pullback. Traders should be prepared to take profits on rallies and cut losses on declines.

Here are some of the key factors that could influence Bitcoin price in the coming days and weeks:

• The outcome of the French investigation into Binance

• The direction of the U.S. dollar

• The release of key economic data, such as the U.S. jobs report

• Any major news events, such as a war or a natural disaster

Traders should monitor these factors closely and adjust their positions accordingly.