Bitcoin Price Breaks Above $30,000: Is The Bull Run Back On?
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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.
Related Reading: Bitcoin Breaks Out Of Ichimoku Cloud, Storms Toward $28,000
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.
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.
Related Reading: Bitcoin Recovers Above Critical Level, Why Bulls Could Be Ready To Charge
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 today or this week?
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