The bullish rally of Bitcoin has picked up this week.
Bitcoin hit $31,000 on Friday, putting the coin 81% up since the start of the year.
The coin breached the $30k psychological mark yesterday amid institutional fervour for the digital assets market.
Bitcoin at $31k
Bitcoin price has pushed forward in its rally that began earlier this week. The coin shot past the $30,000 mark two days ago before pushing upward above $31,000 today.
BTC climbed the $31,000 hurdle and reclaimed a level it last saw in June 2022. This surge represents a 25% rise from the June 16 lows of around $24,800. On a weekly basis, the pioneer cryptocurrency is up 17%.
The price of a Bitcoin currently stands at $31,200 after gaining 4.3% over the last 24 hours.
Market analyst Rekt Capital noted that BTC has broken out of a bull flag and retouching the $35,000 region is feasible in the short to medium term.
The next significant hurdle for Bitcoin, according to data from IntoTheBlock, is far away in the range of $44,459 and $67,413. At this level, almost 5.42 million addresses purchased 2.15 million BTC tokens at an average cost of $53,274.
Institutional push is crucial to rally
The push comes amid deep-pocketed institutional investors gunning for the grant of Bitcoin Spot ETF by the US Securities and Exchange Commission (SEC). Since BlackRock’s application, investors have been upbeat and sentiment in the market have turned positive.
“The use case for cryptos is slowly making progress as JPMorgan has expanded their blockchain-based token to euro payments,” said Edward Moya, senior market analyst at OANDA, in a note. “Bitcoin is hovering around the $30,000 region and traders are becoming optimistic that a path to $40,000 is forming. With a de-risking moment occurring on Wall Street, it is rather impressive how the crypto trade is holding up.”
An approval by SEC, whatever the odds, would mark a significant win for crypto investors and enthusiasts who have since longed for such an investment product.
The IMF has also assented to the ineffectiveness of banning crypto. Saying that it is worthwhile to work on what drives the demand for Bitcoin and other cryptos. The organisation also asked countries to look into CBDCs and urged for more transparency.
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