Bitcoin, the world’s largest cryptocurrency by market capitalization, has experienced significant price movements in recent weeks.
One of the most notable bull runs occurred last month following the collapse of several major US banks. As traditional financial institutions went bankrupt, investors turned to alternative assets, including Bitcoin.
The price has risen steeply, with some reports showing that the value of the cryptocurrency has increased from 35% to 40% in just one week. Although the price of Bitcoin has stagnated at times since then, it remains within an overall uptrend.
Bitcoin is back to the USD 30,000 Level for the First Time since June 2022 and Has Set a new Yearly High
Bitcoin has hit record price levels not seen since mid-2022, with the largest cryptocurrency by market capitalization reaching $30,000 and setting new highs in 2023, amid recent regulatory measures by the United States authorities and other countries for cryptocurrencies and the uncertainty hitting the global economy.
According to data from CoinGecko, Bitcoin has risen above $30,000 and is currently nearing $30,200, a price that has not been reached since June 10, 2022.
DiPasquale pointed out that “Bitcoin is likely to find resistance at $30,000,” in an email to CoinDesk. He argued that from a technical analysis perspective, the current move is “a retest of the high-end set in March after the initial push below $20,000. Success in this test would see the price recover $30000, while failure here should see BTC drop to $25000, followed by $2300.
Following the recent release of US jobs data, numerous BTC traders have anticipated a significant upward move. In recent days, the Bitcoin price has shown an unstable movement, which has left investors anxiously awaiting a possible breakout in the coming weeks.
However, several data points on the chain are now directing to bullish indicators, which may soon restore investor confidence and push the price above the $30K threshold.
In the past 30 days, BTC posted gains of nearly 46%, rising to its highest level in ten months on April 11.
Some analysts predicted that it would regain its price of USD 30,000, considering that traders are waiting for the US consumer price index (CPI) report on April 12, which will give an insight into the Federal Reserve’s battle against inflation.
Since last week, the Crypto Fear and Greed Index has remained firmly within “Greed” territory, with its most recent update on April 11 showing a score of 68 out of a possible 100 which is the highest score.
In turn, the Crypto Fear and Greed Index is a numerical indicator that measures current “emotions and feelings” towards Bitcoin and other major cryptocurrencies, and has been turning towards greed in recent days.
The index also reached a score of 68 on March 21, marking its highest level since it recorded a score above 66 on November 16, 2021, a few days after Bitcoin’s all-time high above USD 69,000 was recorded on November 10, 2021.
Due to the pressure on the traditional financial system, the demand for Bitcoin is increasing. Average daily transactions have reached their highest level since April 2021. Glassnode analysts have noted that Bitcoin network indices have abandoned their downtrend and this could indicate that its price will continue the rising tendency.
By Marina Meza
