Bitcoin has been struggling in terms of climbing above $30,000 since June 2022. In the last four days, CoinMarketCap data revealed, Bitcoin managed to climb above eight percent.
With cryptocurrency gaining 82% since December 31 climbing higher than Nasdaq 100 tech index’s 19% gain. Gold became investors’ favourite after its rise by 9.6% this year.
Bitcoin is still in the low by 50% since its all-time high in November 2021, even with its rise in 2023. The US banking crisis in March may force the Federal Reserve to put a pause on rate hikes to reinforce Bitcoin’s small recovery.
According to Bloomberg reports, Bitcoin’s breakthrough at $30,000 comes after Bollinger Band squeeze, which saw a decline to its lowest since January
Traders who are looking for technical patterns may now consider $30,800 as the first target, following $31,200 target.
Chief Executive at Quantum Economics, Mati Greenspan, said, “30k is very significant for both technical and fundamental reasons.”
“The resistance has been building up for three weeks straight and has now finally broken. This is the first time we’ve crossed that level since the collapse of Terra/Luna and Three Arrows Capital. It basically means that the price has fully recovered from Celsius, FTX, and the US regulatory crackdown.”
Bradley Duke, co-chief executive officer of crypto exchange-traded product provider ETC Group stated, “This rally may, in part, be driven by the expectation that rate hikes are almost done, but some groups of investors are drawn to crypto because it’s an asset outside of traditional banking and finance.”
Despite the decline in Bitcoin, it has gained strength and increase in the last month due to three of US bank’s failures.
