Bitcoin price is back above $30,000 for the second time in 2023, with bulls hoping it not only holds this time, but leads to renewed confidence in the crypto market.
Is this a sign the bear market is over and the bull run is back on? Or is this just a bear market rally that will result in new lows eventually? Let’s take a closer look at the latest price action.
Bitcoin Price Reclaims $30,000 Following Shift In News Cycle
Just a week ago, the SEC was waging a war against altcoins, and there was negative news around every turn for the crypto market. In a flash, the news cycle turned positive with a slew of Wall Street brands making their presence known in the crypto space. Names include BlackRock, Charles Schwab, Sequoia Capital, Fidelity, and others.
Within days of the news making rounds, Bitcoin price is already back above $30,000 per coin, leaving bears who expected new lows bewildered and in disbelief.
Why $31,000 Is The Level To Watch With $30K Broken
Not only is BTCUSD back above $30,000 per coin, but it is already quickly approaching $31,000. A higher high on any timeframe could send further confirmation to investors that a bottom is in for cryptocurrencies. Investors and traders who were too fearful to buy lower might finally see these levels as a safer entry.
But Bitcoin isn’t yet out of the woods. $31,000 is the current local high for 2023, and that level must be taken out to further confirm an uptrend. An uptrend, by definition, is a series of higher highs and higher lows. With a higher low made at precisely $25,000 – the only thing that is missing is this higher high above $31,000. Will we get it as soon as today or this week?
