After days of sticking around in the same range near $28000, Bitcoin surged towards $30000 as the crypto market bounce back from its lows
As some analysts and experts had predicted, Bitcoin hit $30000 on April 11 after surging towards the mark with renewed bullish sentiments on the previous day. Over the last few weeks, liquidity had been tight in the crypto market, with Bitcoin trading flat while most other altcoins were also at the same levels. The latest rally by Bitcoin has helped the crypto market bounce back from its stagnant levels just a few days back.
The market capitalization of the crypto market surged by over 4%, nearing $1.3 trillion, while Bitcoin’s dominance also increased by over $580 billion. ETH also crossed $1900, aiming to hit the $2000 mark within the week. The present price of Bitcoin was seen over nine months ago, in June 2022, after which it witnessed a downward trajectory.
The positive sentiments in the market could be due to optimistic trends regarding the inflation data in the United States, which has a huge impact on interest rate hikes. Currently, Bitcoin has its resistance at $30500 while support is constant at $29200. Solana, Cardano, BNB, XRP and Litecoin were all trading with gains in the last 24 hours.
BTC/USD YTD price chart
Bitcoin is currently trading at around $30100 on April 11, 2023, with BTC/USD up by almost 6.3% in the previous 24 hours. As the crypto market bounced back, most altcoins are currently trading upwards with bullish sentiments. BTC/USD is trading higher than its 20-day EMA (27,693.88). Bitcoin’s 24-hour volume is above $21 billion.