The leading cryptocurrency by market capitalization appears to have finally turned bullish once again after breaking through a key resistance level of $30,000.
Bitcoin (BTC) price moved past $30,000 for the first time since April 19, 2023. The largest crypto by market capitalization recently traded at $28,257, up 6.5% over the last 24 hours.
At the time of publication, the price of Bitcoin had reached a new two-month high of $30,800.
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Bitcoin Bulls Return as Price Climbs
This notable development follows a period of volatility and consolidation, generating a sense of optimism among investors and industry enthusiasts. The surge past this key level is regarded as a potential turning point, symbolizing renewed interest and confidence in Bitcoin.
Factors contributing to this rally include increased institutional adoption, growing acceptance by mainstream businesses, and a favorable regulatory landscape. The key driver in recent days was the announcement of the world’s largest institutional asset manager, Blackrock, applying for a Bitcoin Exhcange-Traded Fund (ETF).
Furthermore, WisdomTree has submitted a filing for a Bitcoin ETF, citing BlackRock’s application as a significant development in the industry. The proposed ETF would determine share values using the CME CF Bitcoin settlement price.
However, analysts remain cautious and view the surge in corporate filings as part of a broader trend of Wall Street’s increasing influence in the cryptocurrency market.
With Bitcoin’s achievement of this significant milestone, attention now shifts to its future trajectory and the sustainability of its upward momentum.
Bitcoin has increased in price by nearly 25% in the space of one week. The dramatic increase could pave the way for further price gains as the market begins to turn bullish after an extended downtrend.
Bitcoin Dominance Also on The Rise
Bitcoin dominance (BTC.D) has experienced a notable surge in the past week, reaching a level above 51%. This represents a significant milestone, marking a two-year high for Bitcoin’s market dominance.
The increase in Bitcoin dominance signals the growing prominence and influence of Bitcoin in the overall bearish market. The last time Bitcoin dominance was this high was in April 2021.
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