Bitcoin Price Up $30,200 - Is $31,300 Next?

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On Tuesday, the price of Bitcoin rose 4% to reach $30,264 after a similar rise the day before, suggesting a higher price target of $31,300. However, the price then fell below $30,000 touching $29,900. So, $31,300 next?

2/ “At 11:30pm IST, the FOMC minutes will be released, revealing the Fed’s stance on interest rates and monetary policy. There may be a surprise announcement, so stay tuned!” pic.twitter.com/MRzZhA10TS

— GPT Crypto (@Crypto_Bull91) April 12, 2023

The recent surge in cryptocurrency prices has been attributed to rising expectations that the Federal Reserve will soon ease its program of interest rate hikes. Despite concerns that the latest inflation data could cause volatility in the crypto market, many remain optimistic, including Coincover director Katharine Wooller, who believes the current rise confirms the return of a bullish crypto market despite the Regular regulatory challenges and business collapses.

Bitcoin Price Rises Due to CME Traders’ Exposure to MicroStrategy’s Bitcoin Purchases

According to crypto analysis provider K33 Research, this rise may have been caused by CME derivatives traders increasing exposure to Bitcoin after the Easter break. Increased activity on CME prior to and during the initial spike towards $29,000 suggests that CME traders were behind the initial momentum to the upside, followed by Binance traders reluctantly participating in a possible short squeeze above the $30,000.

Despite the recent banking turmoil, the cryptocurrency has performed well, rising more than 44% since the Silicon Valley bank collapse On March 10. However, investors’ perspectives on interest rate developments, which may be influenced by the release of the US Core Consumer Price Index and the minutes of the Federal Reserve’s meeting from June 21-22 March, could potentially affect cryptocurrency trading.

Additionally, MicroStrategy, a major Bitcoin buyer, saw its shares jump 6% on Tuesday. The software vendor recently bought around 1,045 Bitcoins for approximately $29.3 million, bringing his total account to $140,000, purchased at an average price of $29,803 per coin. As the leading cryptocurrency topped $30,000, the company’s $4 billion stash of Bitcoin turned profitable again.

‼️ Microstrategy is now back in profit at its 140,000 #Bitcoin

Average price = $29,803
Current price = $30,142

Only idiots believed that they would be liquidated. 🤨

— Bitcoin Archive (@BTC_Archive) April 11, 2023

Bitcoin Market Price Analysis

At the time of publication, Bitcoin (BTC) price is trading at $29,975.31 with a 24-hour trading volume of $16,654,557,967. In the last 24 hours, BTC experienced a slight drop in price of -0.40%, while in the last 7 days it increased by 6.42%. Bitcoin’s market cap, based on its circulating supply of 19 million BTC, is valued at $580,110,079,343, making it the highest-ranked cryptocurrency on CoinGecko today.

BTC trading volume over the past 24 hours was $16,673,821,105, indicating a recent decline in market activity down -15.90% from the previous day. The highest price ever paid for BTC was $69,044.77 on November 10, 2021, over a year ago, representing a significant drop of -56.57% from the current price.

With a price increase of 6.40% in the last 7 days, Bitcoin has outperformed the global cryptocurrency market, which is only up 2.00%.

Bitcoin Technical Analysis: BTC/USD Chart Analysis

BTCUSDT chart analysis. Source: Tradingview.com

Bitcoin price is above the consolidation zone, with the bulls pushing hard to ensure maximum production in the BTC price. However, the price retest of the previous resistance at $29800 was bound to happen as traders set out to buy. At time of writing, a bearish candlestick was forming on the chart to retest resistance-turned-support.

The 50 and 200 day moving averages are still intact, providing support for the BTC price. This indicates that the bulls are still in control of the market. The new short test could help the market push BTC price to $31,300 and beyond the $35,000 glass ceiling. If the Shapella upgrade takes place, BTC could see its price reach higher levels above of $31,300.

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