Bitcoin received a fresh boost after many institutional investors including BlackRock started applying for ETF. BlackRock has had a stellar record of ETF approvals with only one denial and it wouldn’t be applying if its application was not built on solid ground. Bitcoin surged rapidly defying all analysts’ expectations, and has reached the psychological $30K level. This is the second time in 2023 that the top cryptocurrency BTC has managed to reclaim the $30K sweet spot in spite of so much negative sentiment prevailing in the market.
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BTC Price Analysis:
As per the BTC chart above, the pioneering cryptocurrency has managed to test the resistance at the $30,700 level repeatedly. In a sign of accumulation by whales, the traded volume as depicted by cryptocurrency charts saw a considerable rise and Bitcoin managed to reach $31,000 on Friday, 23 June, 2023. If the funds’ inflow continues, BTC might reclaim the $31,000 price level again this week after which a test of $32,500 will confirm whether this bull run can continue at least in the short term. In such an event, the BTC price could potentially test the $31,500 price level too.
However, both RSI and MACD indicators suggest that BTC is heading toward the overbought territory and the price might pull back. The RSI has remained consistently above 70 while MACD has also remained positive above zero. If you’re wondering what is the best time of day to buy cryptocurrency, try and avoid the weekend phase for active trading. Short-term traders could be looking to book profits here as a descent to $30,700 could trigger a downturn toward the $28,000 mark.
Bitcoin could remain the most traded cryptocurrency in the next few weeks as many big institutional players including Citadel, Fidelity, and Charles Schwab enter the crypto space. Wide-scale adoption could lead to a huge bull rally for the primary cryptocurrency as BTC remains the most favored coin among users across the world.
The price of Bitcoin can be highly volatile and while there are many sites that claim to teach newbies how to day trade cryptocurrency, the reality is that the price of BTC can fluctuate significantly over short periods of time. The price of Bitcoin is affected by various factors such as market demand, policy and regulatory developments, news coverage, and overall crypto market sentiment. To get the most accurate and up-to-date information on the price of Bitcoin, it is recommended to check reputed financial websites or make use of cryptocurrency exchange platforms.
Disclaimer: This article was created for informational purposes only and should not be taken as investment advice. An asset’s past performance does not predict its future returns. Before making an investment, please conduct your own research, as digital assets like cryptocurrencies are highly risky and volatile financial instruments.
