On June 21, the Bitcoin price rose to a 14-day high of $30,122. The recent positive news from BTC markets comes in the wake of the SEC cracking down on Binance and Coinbase, and bullish traders are presumably hoping that BTC can end its 10-week losing streak.
According to crypto market analysts, crypto has been going through a confidence crisis, but new filings for spot bitcoin ETFs have helped revitalize crypto markets.
Bitcoin bull market begins
According to CoinMarketCap, the live Bitcoin price today is $30,122. The coin has a 24-hour trading volume of $30,837,596,369. BTC is up 4.25% in the last 24 hours with a live market cap of $584,786,336,856. It has a circulating supply of 19,408,718 BTC coins and a max. supply of 21,000,000 BTC coins.
Bitcoin began rising on Tuesday following the lengthy Juneteenth holiday weekend in the United States, as markets digested the impact of the BlackRock filing more thoroughly. Spot bitcoin re-filings by Invesco and WisdomTree later in the day provided the most recent evidence of institutional investors’ growing interest in the crypto space, despite the fact that markets have struggled amid an uncertain regulatory environment, persistent inflation, and other macroeconomic woes.
In addition, a short-term correlation between Bitcoin’s performance and the Nasdaq 100 index of technology equities has turned negative for the first time since 2021. Currently, the BTC Fear and Greed Index stands at 65.
There is a wave of excitement in the crypto market now that large institutional firms are working hard to become major players in the industry. US markets have retreated from weeks of gains, with tech stocks leading the way. The Nasdaq Composite and S&P 500, which are heavily weighted in technology, fell 1.2% and 0.5%, respectively. The Hang Seng and Shanghai indexes recently fell nearly 2% and 1.3%, respectively, as Asia markets opened on a gloomy tone.
Prior to the recent surge in confidence, an SEC crackdown had dampened morale and contributed to low liquidity in crypto markets. The government is suing exchange operators Binance Holding Ltd. and Coinbase Global Inc., and has labeled a slew of digital tokens as unregistered securities in the process.
Other hurdles include the possibility of tighter monetary policy and signs that Bitcoin’s run is becoming overheated — a momentum indicator known as the 14-day relative strength index showed an overbought signal.
Bitcoin has recovered 83% this year following a crash in 2022 that wiped out $1.5 trillion in digital assets. The token is still about $39,000 below its high in 2021.As a result of the breakout from the channel, it is likely that the correction is complete, and a new upward trend has begun. If the trend persists and a breakout occurs, BTC could reach $35,000 and a new yearly high. However, if the price is rebuffed, it may retest the $27,200 resistance line of the channel.
Bitcoin Price surges to $138K on Binance.US
Earlier today, the BTC/tether trading pair on crypto exchange Binance.US experienced an abrupt price spike to as high as $138,000, according to exchange data. At 6:50 a.m. UTC, prices spiked to those levels for a few seconds before reverting to parity with other bitcoin spot markets. Other Bitcoin trading pairs are traded as usual.
The move was unlikely to have been caused by a trader willing to pay a nearly 450% premium for Bitcoin, which trades for roughly $30,000 on Thursday morning in Europe.
According to a Kaiko report released earlier this month, Binance.US market depth has decreased 76% since May, suggesting that market makers and traders have deserted the exchange.
