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Bitcoin Price Up $30,200 – Is $31,300 Next?

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Bitcoin Price Falls to $21,900 - Will Non-Farm Payrolls Be The Booster?
Bitcoin Price Falls to $21,900 - Will Non-Farm Payrolls Be The Booster?

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On Tuesday, the price of Bitcoin rose by 4% to reach $30,264 following a similar increase the previous day, suggesting a higher price target of $31,300. However, the price later fell below $30,000 touching $29,900. So, is $31,300 next?

The recent surge in cryptocurrency prices has been attributed to increasing expectations that the Federal Reserve will soon ease its program of interest rate hikes. Despite concerns that the latest inflation data may cause volatility in the crypto market, many remain optimistic, including Coincover director Katharine Wooller, who believes that the current surge confirms the return of a crypto bull market despite regular regulatory challenges and company collapses.

Bitcoin Price Rises Due to CME Traders’ Exposure as MicroStrategy’s Bitcoin Purchases

According to crypto analytics provider K33 Research, this surge may have been caused by CME derivatives traders increased Bitcoin exposure after the Easter hiatus. The increased activity on CME before and during the initial spike towards $29,000 suggests that CME traders were behind the initial push higher, followed by Binance traders unwillingly participating in a possible short squeeze above $30,000.

Despite recent banking turmoil, cryptocurrency has been performing well, rising over 44% since the collapse of Silicon Valley Bank on March 10. However, investor outlooks for interest-rate developments, which may be influenced by the release of the U.S. core consumer price index and minutes of the Federal Reserve’s March 21 – 22 meeting, could potentially affect crypto trading.

In addition, MicroStrategy, a major Bitcoin buyer, saw a 6% leap in its shares on Tuesday. The software seller has recently purchased about 1,045 Bitcoins for approximately $29.3 million, increasing its total tally to 140,000, bought at an average price of $29,803 per coin. As the leading cryptocurrency soared past $30,000, the company’s $4 billion Bitcoin stash returned to profitability.

Bitcoin Market Price Analysis 

At press time, Bitcoin’s (BTC) price is trading at $29,975.31 with a 24-hour trading volume of $16,654,557,967. In the past 24 hours, BTC experienced a slight dip in price of -0.40%, while over the last 7 days, it has increased by 6.42%. The market capitalization of Bitcoin, based on its circulating supply of 19 million BTC, is valued at $580,110,079,343, making it the top-ranked cryptocurrency on CoinGecko today.

The trading volume for BTC over the past 24 hours was $16,673,821,105, indicating a recent decline in market activity with a -15.90% decrease from the previous day. The highest price ever paid for BTC was $69,044.77 on November 10, 2021, over a year ago, which represents a significant -56.57% drop from the current price.

With a price increase of 6.40% in the last 7 days, Bitcoin has outperformed the global cryptocurrency market, which has only risen by 2.00%.

Bitcoin Technical Analysis: BTC/USD Chart Analysis 

BTCUSDT Chart Analysis. Source: Tradingview.com 
BTCUSDT Chart Analysis. Source: Tradingview.com

Bitcoin price is above the consolidation zone, with the bulls pushing hard to ensure maximum output on BTC price. However, the price retest of the previous resistance at $29800 was bound to happen as traders set to buy in. At the time of writing, a bear candle on the chart was forming to retest the resistance turned support.

The 50-day and 200-day moving averages are still intact, providing support for the BTC price. This indicates that the bulls are still in control of the market. The short retest might help the market push the BTC price to $31300 and further the $35000 glass ceiling. If the shapella upgrade should take place, BTC might see its price hit higher levels above $31,300.

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