Bitcoin has moved past $31000 in a sudden rise in crypto demand, but analysts could closely observe its movement near its resistance around the level.
Crypto markets cheered as Bitcoin crossed $31000 yet again in a show of strength by bulls. The high crypto demand was evident across multiple tokens. Several analyst firms have predicted high trading ranges for BTC in 2023.
Earlier, experts considered lower inflation data from the United States good news. The market quickly reacted positively to the news with the current rise. BTC raced past $31500 with higher volumes but has currently settled down at a lower level. Most industry insiders have claimed a combination of regulatory and investment-related reasons were responsible for the rally.
The regulatory environment around the world for crypto has seen a gradual change in 2023. The US has seen a mixed bag. Several lawmakers have supported crypto, but regulatory fears loom over the industry. Europe has been a bright spot in 2023, with the MiCA Act set to be a major catalyst for the crypto space.
Traders have implied liquidity was still inadequate in the market, which could largely depend on rate hikes by central bankers.
BTC/USD 1D price chart
Bitcoin is currently trading at around $31100 on July 14, 2023, with BTC/USD up by around 2.1% in the previous 24 hours. BTC/USD is trading above its 20-day EMA (30,267.00) as BTC’s 24-hour volume increased to around $25 billion. Bitcoin has seen around 89% returns on a year-to-date basis.