Bitcoin (BTC) returns to $30k for the first time since June 2022

Bitcoin (BTC) has passed 30,000 dollars that night. The course of the crypto had no longer reached this level since June 2022. The low liquidity in the market would facilitate the fluctuations from price.

The price of Bitcoin has reached and surpassed the level of 30,000 dollars on Tuesday at about 4 a.m.

At the time of publishing this article, BTC recorded an increase of approximately 6,5% over 24 hours at 30,127 dollars. The price of the digital coin is now up over 80% since the beginning of the year.

Bitcoin (BTC) 24 hour price – source : Messari

The entire cryptocurrency market is in the green. Ethereum (ETH) and Binance Coin (BNB) are up 3.5% and 4.5% respectively to $1924 and $327. As for the overall market capitalization, it is now over $1230 billion.

Interest in the crypto has fallen sharply over the course of 2022, sending Bitcoin below $16,000 in the fall after the surprise bankruptcy of FTX. The rebound started in 2023 initially appears to have been fueled by optimism about inflation and propelled the price of the token above $24,000 in February.

By early March, Bitcoin had fallen back below $20,000 as a result of regulatory uncertainty growing uncertainty around this asset class to eventually rebound to $28,000 in the wake of the collapse of several banks American banks with Silvergate, Signature and Silicon Valley Bank.

Turbulence in the banking industry, slowing inflation and the low liquidity on the crypto market thus seem to have allowed Bitcoin to return to its June 2022 level.

Recently, analysts have been reporting that the Bitcoin price was driven in particular by low liquidity in the market. The relative strength index (RSI) of BTC has also crossed a “ crucial threshold” at the end of March.

Despite the rally started in 2023, Bitcoin is still in declining by more than 50%. compared to its ATH reached in November 2021.

30k is very important for both technical and fundamental reasons. Resistance has been building for three weeks in a row and has finally broken. This is the first time we’ve broken through this level since the collapse of Terra and Three Arrows Capital,” commented Mati Greenspan, the boss of Quantum Economics, on Bloomberg.

The Crypto Fear & Greed Index, which analyzes investor sentiment and was still showing “fear” last month, is positioned this Tuesday on ” greed ” with a score of 68.

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