Bitcoin Tops $30k For The First Time Since June 2022

TL;DR

• Bitcoin is trading at $30,000 for the first time since June 2022, up by nearly 100% since the start of the year.

• Ether is also trading close to the $2k mark as the broader crypto market embarks on a rally.

Bitcoin Breaks The $30k Resistance Level

The world’s largest cryptocurrency by market cap has been performing excellent over the past 24 hours. Bitcoin is up by more than 6% in the last 24 hours, allowing it to break past the $30k mark for the first time since June 2022.

Market experts believe that the market is slowly pricing in a possible loosening of monetary policy by the Federal Reserve over the course of 2023. 

The United States Federal Reserve has been increasing interest rates over the past few quarters. However, market participants are optimistic that the Fed will ease its rate hikes over the next few months.

Market experts believe more liquidity will enter the market over the coming months as Bitcoin has proven to be the best-performing asset since the start of the year. 

Bitcoin last traded at $30k in June 2022 as it was on its way down to the $14k bottom experienced in November 2022. 

The world’s leading cryptocurrency has been hovering around the $28k level in recent weeks. Ether, the second-largest cryptocurrency by market cap, is also approaching the $2k mark after adding more than 3% to its value in the last 24 hours.

Ether could surge past the $2k level later this week as the Ethereum community prepares for the Shanghai hard fork.