Bitcoin price taps $30K for first time since April
Bitcoin (BTC) returned to $30,000 after the June 21 Wall Street open in a triumphant continuation of the week’s gains.
Data from Cointelegraph Markets Pro and TradingView confirmed a new multi-month high of $30,340 on Bitstamp.
BTC price action continued to heat up throughout the day as bulls made the most of strength, which had come thanks to various announcements of legacy finance applying to launch a Bitcoin exchange-traded fund (ETF).
In so doing, BTC/USD erased many weeks of downside, adding over 20% versus local lows below $24,800 seen on June 15.
$32,000 #BITCOIN IS A MAJOR RESISTANCE ZONE ON BTC, SO THIS IS MY MAIN BITCOIN TARGET NO NEED TO GET GREEY ON THIS PUMP. WE KNOW HOW QUICK THINGS CAN CHANGE pic.twitter.com/mdj2YvnakW
As traders lined up short-term targets, on-chain monitoring resource Material Indicators focused on $30,000 as an important level to overcome.
Uploading a print of the BTC/USD order book on Binance, it noted that “resistance at $30k is building.”
“Watching to see how much bid liquidity moves in to the active trading range to serve as support,” it commented.
Material Indicators referenced ongoing testimony from Jerome Powell, Chair of the United States Federal Reserve, before the House Financial Services Committee.
The U.S. was already a focus for crypto market participants, with the ETF announcements fueling a return to accumulation during Western trading hours.
“The Americans are buying,” Maartunn, a contributor at on-chain analytics platform CryptoQuant, continued.
An accompanying chart showed the premium for BTC/USD on U.S. exchange Coinbase versus largest global exchange Binance, this signalling “strong buying pressure” on the day.
Previously, Cointelegraph noted the changing possession of the BTC
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