After a record-breaking 9 straight weeks of negative BTC price action, investors have shown confidence in the sub 30K support level as $60 billion dollars flowed into the crypto markets in just 24 hours.
Bitcoin is nearing the 31K level, rising just under 5% in 24 hours as Bitcoin bulls piled in over the past 24 hours to push Bitcoin past the coveted 30k mark which has proven to be a strong area of interest for both bulls and bears.
This increase marks a 15% gain from the 18-month low Bitcoin reached in the middle of May and investors are wondering if this is simply a relief rally, or if there is more fuel in the tank.
Since Bitcoin hit its all-time high in November of last year, the entire cryptocurrency market cap has shed more than $1.5 trillion, with Bitcoin experiencing a decrease of over 60% over the past 6 months, with most altcoins faring far worse.
This increase was not only enjoyed by Bitcoin, but the entire crypto market as inflow volume in the previous 24 hours reached $69.42 billion, marking a 39.40% increase.
Crypto analyst Michael van de Poppe took to Twitter to state:
“Finally, Bitcoin is making the run upwards. Some more consolidation here and we’re ready to break further upwards in which $32.8K and $35K are the resistances.
The moment that the market gets to $35K, that’s the point where I’m expecting everyone to turn bullish.”
Whether a short-lived rally or a market turnaround, crypto enthusiasts hope to see this increase end Bitcoin’s 9-week losing streak.
Disclaimer: These are the writer’s opinions and should not be considered investment advice. Readers should do their own research.