Bitcoin surges above $30,100: here are the driving factors
It is the first time the Bitcoin price is above $30,000 since June last year.
The surge comes after a one-month consolidation around $28K.
Analysts had set a support level at $25,000 and a resistance level at $30,000.
Bitcoin price surged above $30,100 early Monday and has been above that level for the better part of the morning. It hit a daily high of $30,160.48 but was trading at $30,126 at press time.
It is the first time since June 2022 that Bitcoin has hit $30,000, thus cementing the Bull Run that the cryptocurrency started at the beginning of the year.
What pushed Bitcoin price above $30,000
The BTC price has surged by more than 46% over the last few months rising to a ten-month level.
Several analysts had predicted that Bitcoin would regain its $30,000 price tag as traders wait for the United States Consumer Price Index (CPI) report on April 12. The CPI is expected to give insight into the Federal Reserve’s battle against inflation.
The Crypto Fear and Greed Index has remained within the “Greed” region for the last week, with the latest update putting the score at 68 out of a possible 100. The Crypto Fear and Greed Index numerically present the “emotions and sentiments” toward the cryptocurrency market and Bitcoin.
The 68 Crypto Fear and Greed Index score is the highest Bitcoin has ever scored since it scored 66 on November 16, 2021, which was just days after Bitcoin hit its all-time high above $69,000.
However, despite the Crypto Fear and Greed Index score being high, a majority of technical indicators still point to a strong bullish trend which points to a possible long-term bull run over the next days.
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