“The surge in BTC price to a 2-month high reflects growing optimism among investors, who are placing their bets on Bitcoin’s potential to break the $32K barrier in the near future, signifying a potential turning point for the cryptocurrency market.”
Bitcoin (BTC) reached $30,000 as analysts focused on the weekly close. The cryptocurrency hit new two-month highs of $30,233 on Bitstamp before experiencing a slight dip. Market participants believe that a weekly candle close is needed to confirm the strength of the rally. The 100-week moving average at $28,627 is a crucial level to watch. Traders are also keeping an eye on the support zone at $28,900. Meanwhile, there are expectations of mass adoption and the approval of a Bitcoin ETF, which could drive further upside. The upcoming block subsidy halving in April 2024 is also being taken into consideration. As always, investors should conduct their own research and be aware of the risks involved in cryptocurrency trading.