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