Bitcoin surges past $30,000, hitting its highest price since April and signaling a strong market comeback.
In an impressive surge, the price of Bitcoin (BTC) soared above the $30,000 mark, reaching its highest level since mid-April. Following the Wall Street opening on June 21, BTC’s value triumphantly returned to the $30,000 milestone, signaling a promising continuation of the cryptocurrency’s recent gains.
TradingView have confirmed that BTC achieved a new multi-month high of $30,340 on Bitstamp, effectively erasing the traces of a multi-week downturn.
Bitcoin’s Value Skyrockets Over 20% As Traditional Financial Institutions Eye ETF Launch
The significant price action witnessed throughout the day was attributed to the bullish momentum fueled by multiple announcements from traditional financial institutions regarding their intentions to launch a Bitcoin exchange-traded fund (ETF). This surge resulted in Bitcoin’s value surging over 20% from its local lows below $24,800 recorded on June 15.
Experts and traders closely monitored the $30,000 level, considering it a critical threshold for BTC to overcome. Material Indicators, an on-chain monitoring resource, shared insights into the BTC/USD order book on Binance, observing the formation of resistance at the $30,000 mark.
They highlighted the importance of bid liquidity within the active trading range to serve as support, emphasizing the potential for volatility associated with events like Jerome Powell’s testimony before the House Financial Services Committee. Powell, the Chair of the United States Federal Reserve, appeared before the committee, attracting considerable attention from the crypto market.
Notably, the focus on the U.S. market intensified with the recent ETF announcements, prompting a resurgence of accumulation during Western trading hours. Maartunn, a contributor at on-chain analytics platform CryptoQuant, stated, “The Americans are buying.”
The significant demand was evident on Coinbase, with a chart displaying the premium for BTC/USD on the U.S.-based exchange compared to the largest global exchange, Binance. This premium signaled strong buying pressure and further supported the notion of heightened interest in Bitcoin.
While attention was directed towards the U.S. market and institutional developments, some traders and analysts emphasized the organic price action experienced by BTC. Scott Melker, a well-known trader and podcast host known as “The Wolf of All Streets,” expressed his optimism for continued growth, stating, “This Bitcoin move is spot driven, with minimal liquidations and shorts STILL piling in.” Melker further emphasized the significance of spot volume, which had already matched the previous day’s volume with ten hours remaining in the candle. This genuine market activity was seen as a positive sign for Bitcoin’s future prospects.
Accompanying charts highlighted the remarkable trading volume leading up to the $30,000 breakthrough, reinforcing the sentiment that this surge in Bitcoin’s price was a significant development in the crypto market.
As BTC continues to make headlines with its resurgent price, market participants and enthusiasts eagerly await further developments and potential milestones in the world of cryptocurrencies.