The price of Bitcoin (BTC) surged to over $31,400 on Friday, hitting its highest level since 2022, fueled by growing institutional interest in the young cryptocurrency.
Although Bitcoin briefly pulled back, it managed to maintain a trade value above $30,000 for the first time since April. This price level has proven to be an important resistance point throughout 2023.
After rising more than 85% in value this year, the recent rally faces uncertainty over the sustainability of its gains. The global market is grappling with regulatory concerns and macroeconomic factors that contribute to the prevailing uncertainty.
In this line, crypto trading expert and analyst Michaël van de Poppe expressed doubts about the ability of the cryptocurrency to maintain its rally in a Tweeter June 24. However, he noted that if Bitcoin experiences a minor correction to around $28,500, it will present an ideal opportunity to accumulate the asset.
“Bitcoin made a nice high, through which it swept the yearly high. I don’t know if we’ll keep running from here, but during uptrends you’ll most likely see the price keep running rather than having deep corrections. If we have a correction, I buy $28,500,” he said.
Institutional Interest Raises Bitcoin’s Value
The current rise in Bitcoin’s value can largely be attributed to the growing interest from major financial institutions. Notably, BlackRock (NYSE:BLK), the world’s largest investment management firm, recently applied for registration of a Bitcoin cash exchange-traded fund (ETF).
Additionally, this week saw the launch of a digital asset trading platform by EDX Markets, a cryptocurrency exchange backed by renowned companies such as Charles Schwab, Fidelity Digital Assets, and Citadel.
These moves have instilled investor confidence in the crypto space, especially at a time when the Securities Exchange Commission (SEC) has intensified its regulatory crackdown on crypto exchanges like Binance and Coinbase over the alleged listing of unregistered securities. recorded.
bitcoin price analysis
In terms of Bitcoin price analysis, right now it is trading comfortably above the $30,000 resistance level, with a valuation of $30,621. On the weekly chart, Bitcoin grew by more than 15%.
Additionally, the one-day Bitcoin technical analysis obtained from TradingView indicates an uptrend. The gauges sum up a “buy” sentiment at 14 while the moving averages suggest a “strong buy” at 13. The oscillators remain neutral, with a sentiment score of 8.
Despite its substantial growth this year, Bitcoin is still lagging behind its previous all-time high of over $60,000, reached in 2021.
The cryptocurrency faced significant challenges last year due to rapid interest rate adjustments by the Federal Reserve and the collapse of crypto exchange FTX. These events triggered a widespread sell-off in the crypto market, consequently impacting the value of Bitcoin.
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