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Bitcoin surges back above $30k: Time for another bull run?

Bitcoin price broke past $30,000 for the first time since April.

Bitcoin shot past the $30,000 psychological mark on Wednesday after a dip last Thursday below the $25k levels. This move is significant as it represents the coins highest levels since mid-April.

This comes after a 2-week turbulence where regulators spooked investors with lawsuits and policies.

Bitcoin hits $30k

Bitcoin regained its $30,000 psychological mark on Wednesday. April 10 was the last time the largest crypto by market cap reached this level but it quickly tumbled down as regulators in the US filed multiple suits against top crypto exchanges.

Source: TradingView

In the last 24 hours, the coin has risen by a staggering 6.43%, putting the value of a BTC at $30,094.

This momentum has sparked renewed interest in investors in the market who were scared to play their hands just a week ago. The recent announcement by different legacy finance firms that they are applying to launch a Bitcoin-traded fund (ETF) has been pivotal to this bull run.

Bitcoin has now erased a local low below $24,800 which it reached on June 15. It has now added over 20% within the last six days.

Traders have maintained that the $32k mark is the important resistance level for the pioneer cryptocurrency to breach but have also warned that greediness may be detrimental as a downward crash is always lurking.

Read more: Bitcoin crosses $28k as whales continue to accumulate

Dominance increases as other indicators show green

Throughout the month of June, Bitcoin dominance over other cryptocurrencies have steadily increased. This have been associated with the SEC lawsuits which have insisted in its claims that tokens like Solana, Cardano, Avalanche are securities.

However, in the past, factors like regulatory developments, macroeconomic factors, and investor sentiment have continued to shape the price of the coin.

During Western trading hours on Tuesday, Bitcoin enjoyed renewed interest in accumulation with the ETF announcements.

“The Americans are buying,” Maartunn, a contributor at on-chain analytics platform CryptoQuant, said.

“The intense bidding on Coinbase that took place yesterday commenced at a similar time as it did today,” he added.

BTC/USD Coinbase premium chart. Source: CryptoQuant

The premium for BTC/USD on American exchange Coinbase over the biggest cryptocurrency exchange Binance was shown on an accompanying chart, indicating “strong buying pressure” for the day.

The market is currently positive. If Bitcoin continues to rise and no substantial negative events takes place over the course of the next 30 days, we may reach the $35,000–$38,000 levels. This forecast works on the theory that current market trends and positive sentiment hold strong.

Disclaimer: CryptoPlug does not recommend that any cryptocurrency should be bought, sold, or held by you. Do conduct your own due diligence and consult your financial advisor before making any investment decisions.

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