The hype around the spot Bitcoin ETF hasn’t died down yet, with Bitcoin still trading with solid gains above the $30000 mark in the stable market.
The crypto market continued its positive signals over the weekend, with Bitcoin trading above $30000 comfortably. Analysts have implied the current stable market is the best opportunity for the crypto to hit $31000, which could be a major milestone for BTC.
Bitcoin’s position looks consolidated for now, and experts have agreed it would be difficult for bears to bring it below $30000 again. The spot Bitcoin ETF provided the initial trigger to the crypto market, but bulls have successfully steered it since then.
Traders are likely expecting the forthcoming week to start with a fresh wave of volatility, and all stakeholders will closely watch BTC’s price movements. A positive sign could mean BTC crosses $31000 while sliding down could take it below $30000 until its support.
Most long-term investors were possibly hoping for Bitcoin to create $30000 as its new support, which could be a major point for a big rally in the stable market. Other cautious investors were looking to enter the market if Bitcoin dropped to $28500 with a sell-off session.
BTC/USD 1D price chart
Bitcoin is currently trading at around $30600 on June 25, 2023, with BTC/USD up by around 0.48% in the previous 24 hours. BTC/USD is trading above its 20-day EMA (27,161.89) as BTC’s 24-hour volume dipped below $13 billion. Bitcoin has seen around 86.59% returns on a year-to-date basis.