Bitcoin and other cryptocurrencies rallied Tuesday, with the leading digital asset blowing through a key level to hit its highest point since the crypto crash accelerated last summer. Prices could keep rising in the short-term with bulls back in charge.
The price of Bitcoin has jumped 6% over the past 24 hours to $30,100. The largest crypto had consolidated around $28,000 for weeks before prices took their latest leg higher amid a surge that has defined 2023, with Bitcoin now up 80% since the start of the year in a move that has spurred calls of a new bull market.
“The present price pattern is expected to generate a lot of attention, as well as ‘fear of missing out’ among investors, many of whom have already missed out as the price has regained its significant losses,” said Naeem Aslam, chief investment officer at Zaye Capital Markets. “It is very conceivable that some profit-taking may occur at the present level, but given the momentum it is extremely probable that the price will continue to rise.”
Bitcoin prices haven’t topped $30,000 since a string of collapses rocked the crypto industry last June—ushering in a “crypto winter”—so a return above that psychological level is flashing bullish signals to traders. Bulls are firmly in charge, with the bulk of positions in the highly liquid and speculative Bitcoin futures market betting on a further rise in prices, with many bearish traders holding short positions already wiped out. #Binance #crypto2023 #BTC #BNB #ETH
