Finally, the price of bitcoin reached $30,000. The price of Bitcoin increased 7% over the previous day to a 10-month high, reaching the psychological level of $30,000 on April 11 at roughly 00:30 UTC. Now up 85% so far this year is bitcoin.
It's interesting to note that the price of Bitcoin has risen exactly 10 months after trading at $30,000 on June 10 of last year. The price of bitcoin has since retraced from the $30,000 mark but has since shot up over it and is now heading in the direction of $35,000. With a 24-hour low of $28,189 and a 24-hour high of $30,400, the BTC price is currently $30,146.
Following chart analysis of other cryptocurrencies, Coin Aquarium was one of the first few to forecast that the price of Bitcoin might reach $30,000 this week in another significant increase. On-chain, economic, and technical analyses all pointed to an impending bullish breakout.
Macro indicators and on-chain data have also been cited by a number of well-known analysts, including Willy Woo, Michael van de Poppe, and Ali Martinez, as indicators of significant price movement this week.
The critical level that marked the beginning of the "re-accumulation" stage of the Bitcoin cycle was crossed by the Bitcoin Macro Index. The on-chain Bitcoin Adjusted SOPR (aSOPR) (90d) indicator increased over 1, indicating a bull market. It produced gains of 6,110%, 150%, and 579 % in 2015, 2019, and 2020, respectively. Recently, aSOPR climbed above 1, indicating that BTC is almost ready to go parabolic.
The following Bitcoin halving is also anticipated to take place around April 28. As a result, in less than three weeks the one-year countdown for the Bitcoin halving will start. Traders now have more justification for anticipating additional upward momentum for the price of bitcoin.
It's critical for the cryptocurrency market that Bitcoin move above $30,000 before this week's release of the U.S. Consumer Price Index (CPI) statistics. The US Federal Reserve's decision to raise interest rates at the Federal Open Market Committee (FOMC) meeting in May 2023 will have little effect on the market because several economists believe that inflation will continue to decline.
Additionally, the price of ethereum is rising once more, toward $2000. At the time of writing, the price of ETH is $1,923, up 4% in the previous day. Prior to April 12's significant Shapella (Shanghai + Capella) upgrade, the ETH price has experienced tremendous momentum.