Bitcoin Crushes $30,000, Raising Hopes of a New Crypto Bull Market

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(Kitco News) – The mood in the crypto ecosystem is jubilant as Bitcoin soared above $30,000 for the first time since last June, signaling to many that a new bull market may have started and it is only a matter of time before the top crypto hits new all-time highs.

As the crypto market fired on all cylinders, activity for US equities was mixed as investors awaited the latest CPI data from the Fed before committing to holding long positions. At market close, the S&P was unchanged for the day while the Dow Jones gained 0.29% and the Nasdaq fell 0.43%.

Data provided by TradingView shows that an early morning rise in Bitcoin (BTC) lifted the crypto top above $30,000, with bulls managing to push it to a daily high of $30,662 in the afternoon before until the price pulls back to support near $30,200.

BTC/USD 1-day chart. Source: Trading View

According to Kitco Senior Technical Analyst Jim Wyckoff, the rise in the price of BTC caused Bitcoin futures prices in April to hit a high at the start of trading in the United States.

“The market experienced a bullish ‘breakout’ from the sideways trading range to higher levels, to restart an upward price trend,” Wyckoff noted. “The BC bulls have the strong overall near-term technical advantage and have gained new power to suggest even more near-term upside.”

Wyckoff isn’t the only one who thinks the upward price trend has restarted. Katharine Wooler, Business Unit Manager at Coincover, noted in a comment to Kitco Crypto that “BTC’s 10-month high should be confirmation that we are seeing a return to a crypto bull market.”

“Since early 2023, the crypto market has faced regular turbulence in the form of regulatory challenges and the collapse of crypto companies, a sign of broader systemic issues,” Wooler said. “Yet despite this, the market continues to perform well against all odds, with BTC up 81% and ETH up 55% respectively year-to-date.”

Wooler called the “sudden” emergence of a banking crisis in recent weeks a motivating event. “Investors have renewed optimism in crypto as an alternative investment worthy of the traditional banking system,” she said.

She went on to say that the lack of regulation is now “the only barrier between digital assets and mainstream adoption”, suggesting that “financial authorities need a new approach” because it seems that “the modus operandi is to distribute aggressive litigation”. as a way to test the regulations written in the 1930s and try to apply them to the modern phenomenon that is the multivariate cryptography industry.

“Crypto firms are already showing their willingness to cooperate by engaging in consultations, implementing strong KYC/AML policies, and introducing transaction monitoring and other protective technologies,” she said. “The ball is now firmly in the regulators’ court.”

The bullish trend continues for the altcoin market

The altcoin market had another day of widespread gains, including a trio of double-digit winners to lead the pack.

Daily performance of the cryptocurrency market. Source: Coin360

RSK Infrastructure Framework (RSK) had the largest gain on the day with a 20.84% ​​increase, followed by a 14.21% gain for Render Token (RNDR) and a 12.43% increase % of Solana (SOL) price.

The overall cryptocurrency market capitalization now stands at $1.23 trillion, and Bitcoin’s dominance rate is 47.3%.

Disclaimer: The views expressed in this article are those of the author and may not reflect those of Kitco Metals Inc. The author has made every effort to ensure the accuracy of the information provided; however, neither Kitco Metals Inc. nor the author can guarantee such accuracy. This article is strictly for informational purposes only. This is not a solicitation to trade commodities, securities or other financial instruments. Kitco Metals Inc. and the author of this article accept no responsibility for loss and/or damage resulting from the use of this publication.

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