Bitcoin
Bitcoin Price Climbs to $30K For the First Time Since April 2023
Bitcoin price has managed to flip above the major psychological level of $30,000 for the first time since April 2023. The crypto market leader has climbed by more than 17% in the past week and nearly 82% in the past week. The asset’s total market cap has jumped to $583 billion over the past few days. At the time of writing, Bitcoin was trading at $30,104.62.
Fundamentals
Bitcoin price has managed to cross the critical $30,000 price threshold for the first time in months amid bullish sentiment in the crypto market. Data by Coinmarketcap shows that the global crypto market cap has increased to $1.17 trillion over the last few days, while Bitcoin’s dominance currently holds at 49.93%.
Bitcoin has staged a significant recovery since Wednesday despite economic uncertainties and the regulatory crackdown on some crypto exchanges. Last week, Bitcoin dived to below $25,000 on the back of the SEC’s lawsuits against crypto exchanges Binance and Coinbase and the Fed’s hawkish reprieve. Even so, its latest rally to $30K has erased its losses from the previous weeks.
Bitcoin, the largest cryptocurrency by market capitalization, has been rallying following BlackRock’s latest application. BlackRock, the largest money manager in the world, requested to register for the first-ever spot market Bitcoin EFT, despite the US Securities and Exchange Commission (SEC) not yet approving applications for spot Bitcoin EFTs.
Notably, a new cryptocurrency exchange backed by Citadel Securities, Fidelity, and Charles Schwab was launched this week. The crypto exchange is seeking business from brokers and investors interested in digital assets. The launch signals Wall Street’s support for cryptocurrencies despite the regulatory crackdown by the Wall Street regulator, SEC.
Data by GlassNode shows that Bitcoin’s monthly transfer has exceeded its yearly average baseline, suggesting a resurgence in on-chain activity and growing utilization of the network. This is its highest level of monthly transfers since the collapse of Terra LUNA.
Bitcoin Price Technical Analysis
Bitcoin price has been on an upward trajectory for the past few days despite macroeconomic uncertainties and market volatility. The crypto heavyweight has managed to surpass the key psychological level of $30K, suggesting improved crypto sentiment. If the digital asset maintains this level, it could renew investors’ confidence in Bitcoin, potentially driving its price higher.
The daily chart shows that Bitcoin has been on a fresh upward trajectory above $28,000 for the past few days. The digital currency has managed to move above the 50-day and 200-day exponential moving averages, as well as the 100-day and 200-day simple moving averages. Its Relative Strength Index (RSI0 has skyrocketed to 70, the overbought zone.
Therefore, I expect the BTC price to continue rising amid increased buying pressure as bulls target the next resistance levels at $33,000 and $35,000. However, we cannot rule out a move below the support zone at $28,465.20 which will invalidate the bullish thesis.
BTC Price Chart
Bitcoin price dumped hard on Monday, briefly slipping below $41,000, erasing gains recorded in the previous week. The premier cryptocurrency seems to have exhausted its recent rally propelled by industry vulnerabilities. At the time of writing, the world’s largest cryptocurrency was trading slightly lower at $41,385. Bitcoin’s total market cap has dipped by 2% over the past day, while the total volume of BTC tokens traded over the same period climbed by 58%.
Fundamentals
Bitcoin price has been facing retracements and a rollercoaster over the past few days after recently rocketing to a 20-month peak. On-chain data has suggested that many investors used the opportunity to take some profits, leading to a decline in the asset’s price.
Bitcoin’s price slump is mirrored in the wider crypto market, with the global crypto market cap decreasing by 1.85% over the past 24 hours to $1.55 trillion. The total crypto market volume has increased by 32% over the same period. The Crypto Fear and Greed Index has plunged from a level of extreme greed to a greed level of 70, suggesting a decline in risk appetite.
Ethereum, the largest altcoin by market capitalization, is currently trading at $2,167, down almost 3% for the day. Meme coins have been hit hard by the market slump, with Dogecoin and Shiba Inu down by more than 4% over the last day.
Last week on Thursday, cryptocurrency experts took notice of…
Bitcoin price edged lower on Thursday despite optimism in wider markets on the back of the Fed’s interest rate decision. The flagship cryptocurrency has been consolidating above the critical level of $42,000 after briefly topping $44,000, its highest level in 20 months. Bitcoin was trading 0.71% lower at $42,569 at press time. BTC’s total market cap has increased by more than 3% over the last day to $832 billion, while the total volume of the asset traded over the same period jumped by 22%.
Economic Outlook
Bitcoin price has been trading sideways over the past few days, suggesting a pause in its recent rally towards $45,000. The premier cryptocurrency has decreased by 4% in the past week but remains 15.22% higher in the month to date. The digital asset has staged a significant recovery this year after a torrid 2022 in which a string of scandals, including the collapse of FTX, led to a market meltdown, undermining the credibility of the sector.
The crypto market has been buoyed by the Fed’s latest interest rate decision. The US Federal Reserve on Wednesday held its key interest rate unchanged for the third consecutive time, in line with market expectations. With the easing of the inflation rate, members of the Federal Open Market Committee (FOMC) voted to keep the benchmark overnight borrowing rate in a targeted range between 5.25%-5.5%.
Additionally, the central bank indicated that three rate…
Bitcoin price has been hovering above the $43,000 psychological level over the past two days amid anticipation about the potential approval of a spot bitcoin ETF. The flagship cryptocurrency has climbed more than 16% in the past week and nearly 170% in the year to date. Bitcoin’s total market cap has increased by nearly 5% over the past 24 hours to $858.9 billion, while the total volume of the token traded rose by 43%. The Bitcoin price was trading at $43,914 at press time.
Fundamentals
Bitcoin price has posted significant gains over the past few days, climbing to its highest level since April 2022, before the crash of a stablecoin that started a litany of company failures, pummeling crypto prices. The world’s largest cryptocurrency briefly topped the crucial level of $44,000 on Wednesday amid rising momentum despite being massively overbought.
According to analysts, with no spot bitcoin ETF approvals yet and the halving event five to six months away, the market is riding on FOMO. Capital has been flowing in the Bitcoin market amid enthusiasm that the launches of spot ETF will bring in billions of dollars of new investment into the crypto sector.
Investors have already started providing capital as seed money for ETF products. Notably, a recent report by CoinDesk showed that the world’s largest fund manager, BlackRock, received $100,000 in capital from a seed investor for its spot bitcoin exchange-traded fund…
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