Today, Bitcoin reached its long-term resistance level of $30,000 for the first time. According to TradingView, the asset peaked at about $30,500 during Tuesday’s Asian trading session, representing a 7.1% increase on the day. Furthermore, it is the biggest price for BTC since June 2022, when it was plummeting because to the Terra/Luna collapse.
Bitcoin was at this support level for about a month at the time. It is now acting as a level of resistance, and analysts forecast a decline from here. According to “CrediBULL Crypto,” most crypto analysts believe the rise will conclude between $30K and $40K. He noted that this will enable everyone six months to save before it hits a new all-time high in 2024 or 2025 if the halving cycle repeats itself.
The “WhaleWire” account was less optimistic, suggesting that Bitcoin’s surge was caused by the Tether printers restarting. “Bitcoin is rising artificially as a result of Tether printing billions of USDT out of thin air.” They bring in phony liquidity to entice genuine liquidity, then exit once there are enough noobs FOMO up again.”
The assertion is a little far-fetched, but Tether has already infused $14 billion into its circulating supply this year. However, because of the decrease in USDC and BUSD supply, the total stablecoin market capitalization is smaller than it was at this time last year.
Santiment, an on-chain analytics service, blamed Bitcoin whales for today’s massive surge above $30,000. What is astonishing is that BTC has continued to rise despite the United States’ largest governmental onslaught on the industry in its history. This underscores the notion that one country cannot control or repress cryptocurrency, and that it is genuinely a global asset.
After increasing 4.8% on the day, cryptocurrency market capitalization has achieved its highest level of the year at $1.29 trillion. BTC is the leader in terms of gains, although Ethereum is up 4.2% to $1,933 at the time of writing. As big brother drives them higher, most of the high-cap cryptocurrencies have gained between two and four percent on the day.
