After years of despair, we can honestly say that the crypto market is currently in a positive spot. We’ve seen Bitcoin go from strength to strength, maintaining healthy price levels which is crucial for its price going forward. While there are weeks when the price goes down significantly, it only takes less than a day for Bitcoin to correct it.
Just a few days ago, Bitcoin shot to $31,400, which is its highest price point in a year. What’s more important is that it’s doing it while staring in the face of adversity in times of tough financial times. Which are going to get better in light of the positive signals and good economic data from the USA as well as the positive news surrounding Bitcoin ETFs.
Sitting Comfortably at $30K
The largest cryptocurrency by market volume hit $31,400 last Friday. That was the highest price since 2022 showing that its currently in a good place. For the past few weeks, Bitcoin has been sitting comfortable at around the $30,000 level, and that’s all positive news. It traded for over $30K earlier this week for the first time since April when the SVB collapse sent investors in search of safer places for their assets and money.
For the year, Bitcoin is up by 87%. The most recent gains come in light of increased crypto interest from many financial giants and organizations. Just last week, BlackRock—the largest asset management firm, filed for a new Bitcoin ETF. Its assets will be controlled by Coinbase, and if approved, it would make a huge difference on the US crypto market.
To make things more exciting (and weirder), the SEC has already approved its first Bitcoin futures ETF. Historically, the SEC has been a strong opponent for crypto, yet it seems to be changing the tune. Or deceiving us all in a way – we’ll see what the future brings. Crypto exchange EDX markets that’s backed by the SEC and Charles Schwaub has launched its digital asset platform last week too, showing a positive shift in crypto and taking Bitcoin’s price up.
Making a Stand
Considering expectations of a global financial crisis, Bitcoin has been holding its ground pretty well. The impending global financial crisis is not as close as we initially thought, although further price shockwaves by the end of the year are still expected. It seems that the global and US economy are simply not budging as everyone thought, and that’s certainly positive news.
It’s also one of the factors that’s been driving Bitcoin’s price up in recent weeks. It’s making a stand on the $30K level as investors are waiting to see if it can rally further to $34,000 which is the current resistance level. If a Bitcoin ETF gets approved soon—and it just might—institutional momentum can see the world’s largest cryptocurrency rally up to $40,000.
That’s all a bit too optimistic right now, but hey, we’ve seen stranger things happen before. The good news is that everything’s on the positive track, and we’re vying for such a shift.