Bitcoin (BTC) rose almost 13% in June. Since January, its value has soared by more than 80%, as evidenced by data from the CoinGlass platform.

On the night of Wednesday, June 28, the BTC rate strengthened to $30,650. This week, the largest cryptocurrency is trading at its highest level since June 2022.

Bitcoin's appeal is enhanced by the willingness of US financial companies to release tools that track the cryptocurrency's performance.

Yesterday we revealed the first reason.

Today let's move on to the next reason - the limited supply of Bitcoin.

As you know, there are 21 million Bitcoins in total. Moreover, 19.4 million have already been released, and the remaining will be released until 2140. This is not a typo, it is in 117 years that the last Bitcoin will be released. That is, over the next 117 years, approximately 10 times fewer Bitcoins will be issued than during the previous 14 years of its existence.

3 reasons why Bitcoin exceeded the level of $ 30 000.

On June 21, the price of Bitcoin rose more than 11% to $ 30 500, which led to a series of liquidations, most of which were expectedly shorts.

Many members of the crypto community are wondering why the price of Bitcoin is rising? This is most likely due to three possible reasons.

The situation in the crypto market is still unpredictable, but the crypto community is optimistic about many digital assets, including Dogecoin (DOGE).

The majority of votes from users of the cryptanalytic site CoinMarketCap are given that by June 30, 2023, the price of Dogecoin will increase by +33.34% or +$ 0.02064. In other words, the average token price will be $ 0.08256.

Over the past four days, the price of Bitcoin has increased by 8%. On the night of Monday, June 19, the BTC rate strengthened to $26,500.

Leading altcoin Ether (ETH) rose to $1,730. Other digital currencies also showed growth over the weekend, enlisting the support of investors who entered the risky asset market at the end of last week.

“The next logical step for Bitcoin is to go 10x, and then 10x more. Eventually, I am confident that the cryptocurrency exchanges will come to their senses and realize that Bitcoin truly is the dominant asset in this space,” said Michael Saylor.

At the same time, Sailor rejects altcoins. Bitcoin is “the only institutional-grade investment asset in the crypto space,” he says. The entrepreneur noted that this year alone, Bitcoin dominance has grown from about 40% to 48%.

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The cost of the first cryptocurrency has recovered to levels above $27 thousand, where it was before the collapse due to SEC lawsuits against Binance and Coinbase

On the night of June 6-7, the Bitcoin rate rose above $27.3 thousand. On June 5, the asset was also trading around $27 thousand, but claims by the US Securities and Exchange Commission (SEC) against the crypto exchanges Binance and Coinbase dropped the price of the asset to $25 on June 6 .4 thousand. Over the past 24 hours, the price of Bitcoin has recovered to around $27 thousand.

YouTuber Scott Melker posted a new video with a conversation with Franklin Templeton Senior Vice President Sandy Kaul.

He spoke about the institutional adoption of cryptocurrencies, supported by one of the most significant asset managers in the world, Franklin Templeton, which has assets under management of more than $ 1.3 trillion.

Searches for the word “cryptocurrency” have fallen to their lowest levels since December 2020. This is evidenced by Google Trends data.

Popularity of queries for the word “cryptocurrency”. Data: Google Trends.

The indicator reached a maximum of 100 points in May 2021. The most searched for “digital assets” are in the Netherlands, Nigeria and Singapore.

The Montenegro Court of First Instance has once again authorized bail for Terra co-founder Do Kwon and CTO Han Chang Joon in the amount of 400,000 euros ($436,000) each, according to lawyer Branko Andelic.

The Montenegrin prosecutor's office now has three days to appeal the court's decision. The previous decision of the Montenegrin Court of First Instance to release the defendants on bail totaling €800,000 was overturned by the Montenegrin High Court on May 24.

According to preliminary data from the US Department of Labor, in May an increase in actual unemployment in the country was recorded to 3.6%. The crypto market reacted to the news by increasing the value of major cryptocurrencies.

The U.S. Department of Labor (DOL) compiles monthly employment reports based on the number of first-time unemployment claims reported during the reporting period. DOL data on the US JOLT employment indicator for May showed US job openings fell to a new two-year low, with weaker labor demand a leading catalyst for possible job losses. The labor market and the US economy are negatively affected by the worsening banking crisis.

Bitcoin shows stability, being in the range of $26,500 – $27,500. Could Bitcoin get closer to the $28,000 target soon?

This morning, Bitcoin, as well as Ethereum (ETH), were once again influenced by bearish sentiment. Other assets showed similar dynamics, in particular, Solana (SOL), also showing a decrease in value. At the moment, the price of Bitcoin is influenced by several factors, they will determine its movement in the near future and the possibility of reaching the threshold of $28,000.

Analytics firm Santiment reported that large Bitcoin holders continue to accumulate BTC reserves, with whale holdings increasing by 84,897 BTC ($2.3 billion) over the past five weeks.

In the list of whales, Santiment analysts include wallets that store from 1,000 to 10,000 BTC. Experts believe that Bitcoin is now in a consolidation phase before a new upward surge. And large holders of the first cryptocurrency take advantage of this and accumulate coins.

After falling to $25.8 thousand, Bitcoin closed the week at $26,925, according to cryptocurrency screener Cryptovizor. What's next?

Bitcoin weekly chart. Source: Cryptovizor

What traders say

As always, traders were divided into two groups: pessimists and optimists. The cohort of witnesses to the fall was led by Rekt Capital: he believes that the critical resistance now is the level of $27,600 - it is this level that needs to be turned into support for further growth. The analyst explained that this level has acted as support over the past few weeks (black line on the chart), but now the price has consolidated below the level.