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Bitcoin price has finally hit $30,000. In the last 24 hours, the BTC price soared 7% to a 10-month high to hit the $30,000 psychological level at around 00:30 UTC on April 11. Bitcoin is now up 85% this year.
Interestingly, the Bitcoin price rally has come exactly after 10 months as it was trading at $30,000 on June 10 last year. Bitcoin price retraced from the $30,000 level, but jumps swiftly above the level to begin moving towards $35,000. The BTC price is currently trading at $30,146, with a 24-hour low and high of $28,189 and $30,400, respectively.
CoinGape Media first reported that Bitcoin price to hit $30,000 this week in another massive move. Technical, macro, and on-chain analysis indicated an upcoming bullish breakout.
Several notable analysts including Willy Woo, Michael van de Poppe, and Ali Martinez also pointed out macro indicators and on-chain data hinting at massive price movement this week.
Bitcoin Macro Index crossed above the key level that indicated the “re-accumulation” phase of the Bitcoin cycle. Bitcoin Adjusted SOPR (aSOPR) (90d) on-chain metric moved above 1, which signals a bull market. In 2015, 2019, and 2020, it led to 6,110%, 150%, and 579% gains respectively. aSOPR recently moved above 1 suggesting BTC readies to go parabolic.
Also, it is expected that the next Bitcoin halving is estimated to happen around April 28. Therefore, the one-year countdown for Bitcoin halving will begin in less than three weeks. This gives more reasons for traders to believe there could be added momentum for Bitcoin price upside.
Bitcoin moving above $30,000 ahead of the release of the U.S. Consumer Price Index (CPI) data this week is crucial for the crypto market. With several economists suggesting inflation cooling further, the US Federal Reserve’s interest rate hike decision during the Federal Open Market Committee (FOMC) in May 2023 will barely impact the market.
Ethereum price is also moving higher towards $2000 again. The ETH price is currently trading at $1,923, up 4% in the last 24 hours. The ETH price has witnessed massive momentum ahead of the key Shapella (Shanghai + Capella) upgrade on April 12.
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