Bitcoin (BTC) surprised the market with a strong move upwards hitting $30,800 in some crypto exchanges. The world’s largest digital currency has found the strength to move as high as these levels to retrace to $29,950. Bitcoin is now finding strong resistance between $30,000 and $30,800. Breaking this level could push Bitcoin towards $32,000.
Bitcoin Hits $30,800 its highest level since mid-April
Bitcoin continues to attract investors worldwide as the digital currency hits its highest price since mid-April 2023. This shows that there is a clear interest in getting access to the largest cryptocurrency in the market.
One of the reasons behind the most recent price increase could be related to Blackrock submitting an application to offer a spot Bitcoin ETF to institutional investors. Additionally, the halving event that is expected to take place as soon as next year is already attracting users that want to get exposure to Bitcoin.
These are just some of the reasons why Bitcoin has moved higher in recent weeks. Let’s not forget though, that BTC is still 57% down from its all-time high registered in November 2021. Since that moment, Bitcoin has been on a bear trend that seems to be reversing right now.
At the end of 2022, Bitcoin hit its lowest price in years. The digital currency fell below $16,000 for some days and allowed investors to enter the market at a relatively low price compared to what happened since the end of 2020 until now.
Nevertheless, it is unclear what could happen with Bitcoin in the future. It will be important to closely follow the latest events in the industry and how regulations could affect the price of the largest virtual currency in the market.
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