Bitcoin's Triumphant Return to $30,000
The price of Bitcoin (BTC) has crossed the $30,000 threshold for the first time since April, signaling a triumphant reversal of the multi-week downturn. This resurgence was confirmed by data from Cointelegraph Markets Pro and TradingView, with Bitstamp reporting a new multi-month high of $30,340.
Bullish Trend Accelerates Amid Traditional Finance's Bitcoin ETF Announcements
This Bitcoin rally continued throughout the day, with bullish sentiments bolstered by several traditional finance institutions declaring their intentions to launch Bitcoin exchange-traded funds (ETFs). Consequently, the BTC/USD pair was able to wipe out weeks of decline, bouncing back by over 20% from the local lows of under $24,800 seen on June 15.
On-Chain Analysts Set Their Eyes on $30,000 Target
As traders aligned their short-term targets, Material Indicators, an on-chain monitoring resource, identified $30,000 as a crucial hurdle to surpass. The firm also noted that the BTC/USD order book on Binance showed a building resistance at $30,000.
The US Becomes the Epicenter for Crypto Market Activity
The testimony of Jerome Powell, chair of the United States Federal Reserve, before the House Financial Services Committee became a point of interest for the crypto community. Moreover, the U.S. emerged as a focal point for crypto market participants due to the Bitcoin ETF announcements, which led to a renewed interest in Bitcoin accumulation during Western trading hours.
The Organic Surge of Bitcoin’s Price
Many turned their focus to what they perceived as more organic BTC price movement as compared to recent local highs. Renowned trader and podcast host, Scott Melker, viewed this Bitcoin surge as "spot driven," adding that the "real deal" was highlighted by an accompanying chart showing trading volume on its way up to $30,000.