Bitcoin (BTC) Shoots Past $30,000 In Fresh Rally, Macros To Play Important Role

11. Apr 2023 Posted by Akolkar B on News

Breaking out from its two-week long consolidation, the world’s largest cryptocurrency Bitcoin (BTC) surged to more than $30,000. As of press time, Bitcoin (BTC) is trading 6.44% up at a price of $30,133 with a market cap of $582 billion.

With today’s price rally, Bitcoin has extended its 2023-gains to more than 80% now. This has been a phenomenal performance from BTC outclassing every other asset class such as Gold, equities and others.

The recent breakout of the BTC price above $30,000 has further opened the gates of the price rally all the way to $40,000. Interestingly, this is the first time that the Bitcoin price has crossed $30,000 since June 2022 ever since the collapse of the Terra ecosystem. Thus, this price move holds a fundamental importance. On the other hand, this breakout is also importance from a technical POV since $30K served as a strong resistance for three straight weeks and now it has finally broken.

The good thing about bitcoin is that it has stood strong despite all the macro uncertainties in the global financial system and the banking crisis which unfolded last month in the US and Europe. This proves that Bitcoin has all traits of a true hedge assets against the traditional financial system.

This week ahead will be crucial for Bitcoin and the crypto asset class in general. On Wednesday, April 12, the US shall be releasing its data on inflation i.e. the Consumer Price Index (CPI) which could decide the next trajectory of the market. The CPI data will make it clear whether the Fed will continue with its interest rate hikes or finally put a pause to it.

Ahead of this week, we also have the US releasing data on the labor market strength and the jobless claims which could have an influencing factor.

Yesterday’s, Bitcoin price rally has managed to pull the entire broader crypto up by 4.5%. Thus, over the last 24 hours, the broader crypto market has added nearly $50 billion to investors’ wealth.

The world’s second largest cryptocurrency Ethereum (ETH) has also gained strong momentum shooting past $1,900 levels just a day before the scheduled Shanghai hardfork. This hardfork will allow users to withdraw the staked ETH since the Beacon chain.