{"id":410558,"date":"2023-06-21T17:47:03","date_gmt":"2023-06-21T17:47:03","guid":{"rendered":"https:\/\/insidebitcoins.com\/?p=410558"},"modified":"2023-06-21T17:49:18","modified_gmt":"2023-06-21T17:49:18","slug":"bitcoin-rockets-above-30000-is-the-bullish-momentum-returning","status":"publish","type":"post","link":"https:\/\/insidebitcoins.com\/news\/bitcoin-rockets-above-30000-is-the-bullish-momentum-returning","title":{"rendered":"Bitcoin Rockets Above $30,000: Is the Bullish Momentum Returning?"},"content":{"rendered":"

Bitcoin price surge above $30,000 for the second time in 2023 has sparked a glimmer of hope<\/span> among bullish investors. These investors see it as a potential catalyst for renewed confidence in the crypto market.<\/p>\n

However, questions remain about whether this uptick signifies the end of the bear market and the return of the bull run or if it’s merely a bear market rally that will eventually lead to new lows. A closer examination of the latest price action is necessary to understand the current scenario better.<\/p>\n

Bitcoin Bounces Back: Price Surges to $30,000 Amid Shifting News Landscape<\/h2>\n

The crypto market was under siege a week ago as the SEC cracked down on altcoins. Negative news lurked around every corner. However, the tides have recently shifted, and the news cycle has turned positive.<\/p>\n

In a surprising twist, a wave of established Wall Street<\/a> brands has made their foray into<\/span> the crypto space, signaling newfound confidence and legitimacy in digital assets.<\/p>\n

Among the notable names joining the crypto revolution are industry giants like<\/span> BlackRock, Charles Schwab, Sequoia Capital, Fidelity, and several others. Their entrance into the market has sparked optimism and a sense of validation<\/span> for cryptocurrency enthusiasts, paving the way for a potentially transformative future.<\/p>\n

In a whirlwind of defiance, Bitcoin’s resurgence leaves skeptics dumbfounded, soaring past $30,000 per coin, dismantling their pessimistic narrative.<\/p>\n

\"\"
Source: Tradingview<\/figcaption><\/figure>\n

What To Watch With $30K Broken At $31,000<\/h2>\n

Bitcoin<\/a> (BTCUSD) has made an impressive comeback, surpassing the $30,000 mark per coin and rapidly approaching $31,000. The current upward momentum, potentially leading to a higher high on any timeframe, is significant in reassuring<\/span> investors that cryptocurrencies may have reached a bottom.<\/p>\n

This development has been further reinforced by institutional investors and large corporations, such as Tesla, investing in Bitcoin. As a result, the supply of Bitcoin has<\/span> become more scarce, resulting in a higher demand for the cryptocurrency.<\/p>\n

Those hesitant to buy at lower levels might now perceive these prices as a more secure opportunity to enter the market. Growing confidence in Bitcoin’s upward trajectory could attract seasoned investors and traders looking for a safer entry point into cryptocurrencies.<\/p>\n

Bitcoin’s recent performance<\/a> shows some positive signs but still faces challenges. Currently, $31,000 stands as the local high for 2023, and surpassing this level is crucial to validate<\/span> an uptrend. An uptrend is characterized by consecutive and high lows, with the latest high recorded at $25,000.<\/p>\n

For Bitcoin to be considered in an uptrend, it needs to break the resistance level of $31,000. If it does, it would signify that the price of Bitcoin is on the rise, and it would also mean that the demand for Bitcoin is increasing. This would be a positive sign of its future performance.<\/p>\n

The missing piece of the puzzle is a higher high above $31,000. Whether this milestone will be achieved today or within the coming week remains.<\/span> Only time will tell if Bitcoin can overcome this hurdle and continue its upward trajectory.<\/p>\n

\n \n","protected":false},"excerpt":{"rendered":"

Bitcoin price surge above $30,000 for the second time in 2023 has sparked a glimmer of hope among bullish investors. 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