BTC Rallies Toward $30K With Significant Momentum in Latest Surge

Published 21/06/2023, 18:01
© Reuters BTC Rallies Toward $30K With Significant Momentum in Latest Surge
BTC/USD
-
ETH/USD
-

  • Bitcoin’s price embarked on a fresh rally, surging past $29,000.
  • A few holders acquired Bitcoin around $30,000, indicating potentially weak resistance.
  • A recent spike signal on IntoTheBlock indicates robust Bitcoin buying activity.

Bitcoin’s price embarked on a fresh rally, surging past the $29,000 mark with significant momentum. According to the market intelligence platform IntoTheBlock, BTC could climb over $30,000 in the current rally, considering the few historical buy orders around the region.

In a recent tweet, IntoTheBlock revealed that relatively few holders acquired Bitcoin around the $30,000 price mark. That implies there would be less potential resistance to the pioneer cryptocurrency when the price gets to that region. That means the $30,000 price mark is more of a psychological level than a technical resistance to Bitcoin’s price.

IntoTheBlock’s findings reveal a spike in the Large Holder Inflow for Bitcoin on Monday, June 19, 2023. The recent spike signals robust buying activity, with purchases via centralized exchanges then moved to cold storage. It also indicates potential price bottoms after significant corrections.

On Wednesday, June 14, 2023, Bitcoin’s price dropped below $25,000 for the first time in over three months. The price drop happened amid a FUD created by the lawsuit filed by the Securities and Exchange Commission (SEC) against some of the top crypto exchanges.

After reaching a local low of $24,756, Bitcoin’s price reversed. The price has rallied in the past seven days, overcoming multiple resistance levels. At the time of writing, Bitcoin traded at $29,045, making a 17% gain in less than one week.

BTC/USD Daily Chart on TradingView

The current surge indicates the return of bullish sentiment and the reinjection of significant volatility in the Bitcoin market. However, a bull run will be confirmed when the flagship crypto breaks above the yearly high at $31,035. It would mark a breakout of a horizontal range lasting more than three months.

Many top altcoins followed Bitcoin’s trend, with Ethereum, the flagship altcoin, climbing above $1,800 in a move that reflects a 13% gain in the past seven days.

Disclaimer: The views and opinions, as well as all the information shared in this price prediction, are published in good faith. Readers must do their research and due diligence. Any action taken by the reader is strictly at their own risk. Coin Edition and its affiliates will not be held liable for any direct or indirect damage or loss.

The post BTC Rallies Toward $30K With Significant Momentum in Latest Surge appeared first on Coin Edition.

Read more on Coin Edition

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.