Bulls made an accelerated push to the crypto market rally as a wide recovery took place in the last 24 hours, with BTC hitting $30000.
Crypto sentiments across the world held a much-improved look from the last few weeks, as crypto tokens surged massively in the recent market rally. A new spot Bitcoin ETF being initiated in the US by Blackrock could also have provided better hopes for a sustained recovery in crypto this time.
Blackrock, being a reputed global investment company, has been regarded as a savior by many experts for the crypto market. A spot Bitcoin ETF at this stage could incentivize many new investors to invest in Bitcoin easily, increasing its market cap and price.
Strong buying momentum was observed in the market rally, with ETH surging over $1900 while Litecoin, Shiba Inu, and Dogecoin also saw gains. Bitcoin’s share in the crypto market cap has increased to 49.55%, occupying a $588 billion size.
With the latest market rally, Bitcoin has crossed a major resistance in $30000 and entered the next resistance zone that could stretch till $32500. Several analysts believe a further push by bulls could make BTC cross this mark as well. Market indicators also point towards more buying left before profit bookings resume in the market.
BTC/USD 1D price chart
Bitcoin is currently trading at around $30100 on June 22, 2023, with BTC/USD up by around 4.1% in the previous 24 hours. BTC/USD is trading above its 20-day EMA (26,950.14) as BTC’s 24-hour volume stayed over $30 billion. Bitcoin has seen around 81.48% returns on a year-to-date basis.