After a record-breaking 9 straight weeks of negative BTC price action, investors have shown confidence in the sub 30K support level as $60 billion dollars flowed into the crypto markets in just 24 hours.
Bitcoin is nearing the 31K level, rising just under 5% in 24 hours as Bitcoin bulls piled in over the past 24 hours to push Bitcoin past the coveted 30k mark which has proven to be a strong area of interest for both bulls and bears.
This increase marks a 15% gain from the 18-month low Bitcoin reached in the middle of May and investors are wondering if this is simply a relief rally, or if there is more fuel in the tank.
Since Bitcoin hit its all-time high in November of last year, the entire cryptocurrency market cap has shed more than $1.5 trillion, with Bitcoin experiencing a decrease of over 60% over the past 6 months, with most altcoins faring far worse.
Image via Coin Market Cap
This increase was not only enjoyed by Bitcoin, but the entire crypto market as inflow volume in the previous 24 hours reached $69.42 billion, marking a 39.40% increase.
Crypto analyst Michael van de Poppe took to Twitter to state:
“Finally, Bitcoin is making the run upwards. Some more consolidation here and we’re ready to break further upwards in which $32.8K and $35K are the resistances.
The moment that the market gets to $35K, that’s the point where I’m expecting everyone to turn bullish.”
Whether a short-lived rally or a market turnaround, crypto enthusiasts hope to see this increase end Bitcoin’s 9-week losing streak.
