With a US court passing a judgment in a crypto asset manager’s favor, traders saw an uptrending crypto market, with BTC pushing above $27000.
The crypto market saw bearish trends disappearing in the last 24 hours. It occurred after a legal win for the industry in the form of a battle against regulators. A crypto asset management firm and the SEC were involved in the case, which favored the former. The uptrending crypto market could sustain for a while with the momentum.
Bitcoin hit an upper circuit in the crypto market rally, going above $27000. With continuous bullish signs, bulls may attempt to take BTC over $28000 and match its moving average. ETH also saw a big jump of 4.4%, crossing over $1700. Most crypto tokens turned green with the crypto market rally.
The two-week high of BTC could move further ahead with institutional support. The SEC is scheduled to reply to investment firms for their ETFs at the beginning of September. If the permissions go through, the crypto market may receive another positive trigger. The $30000 mark for BTC could become the target for investors next month.
Investment firms like Blackrock, Fidelity, and others are awaiting responses from the SEC.
BTC/USD 1D price chart
Bitcoin is currently trading at around $27400 on August 30, 2023, with BTC/USD trading higher by 5.7% in the last 24 hours. BTC/USD is trading lower than its 20-day EMA (27,928.04) as BTC’s 24-hour volume increased to around $11 billion. Bitcoin has seen around 65.66% returns on a year-to-date basis.