Bitcoin has once again captured the attention of investors and enthusiasts. The leading crypto asset is making a comeback, entering what can only be described as “beast mode” as it hits the $30,000 mark. The question on everyone’s mind is whether the ongoing rally will receive an additional boost from spot ETF bids to break above the $30,000 level or witness a severe drop in the bears.
Bitcoin investors are getting greedy
Bitcoin’s price saw a remarkable overnight rally, fueled by a flurry of spot ETF apps from industry giants like Invesco and WisdomTree. This rise in apps has not only instilled renewed optimism but also given the crypto market a significant boost.
Recent data reveals a noticeable shift in Bitcoin investor sentiment, with greed making a comeback for the first time since May. Bitcoin’s price surge past the $29,000 mark has boosted current sentiment to a value of 59 on the Bitcoin Fear & Greed Index. This indicates that a significant majority of investors are currently driven by a sense of greed.
According to a report by Kaiko, BTC trading volume among US investors has seen a significant increase, rising 44% from its January figures. This change in Bitcoin trading volume indicates renewed interest in BTC and a trend away from altcoins.
The implications of this trend are evident in the differing performance of Bitcoin and altcoins. While Bitcoin has had an impressive rally, altcoins have not seen the same level of upside. Therefore, it is reasonable to assume that the majority of the current rally will be concentrated in Bitcoin, suggesting the potential for further upward movement from here.
Is BTC price ready for $30,000?
After establishing a strong support base above the $26,800 pivot level, Bitcoin price embarked on a fresh rally, successfully breaking above the resistance zone at $28,400 and then breaking above the 29 mark. $000.
This breakout paved the way for a sustained upward move, taking the price past the $29.5,000 mark. In fact, it even peaked at $29,637, and it is currently gearing up for another boost towards $30,000.
At the time of writing, the price of BTC is trading at $29,440, up more than 10% in the past 24 hours. The bulls are currently creating significant buying pressure, potentially intensifying the current trend and propelling the price of BTC to test and validate a bullish rally above the 23.6% Fibonacci level from its current price.
If the price breaks above the crucial level at $30,134, Bitcoin will continue heading towards its next resistance at $31,338. However, the bears are expected to exert significant selling pressure above $30,000 to prevent any further rally. A rejection near the $30,000 level will send the BTC price to $27.5,000.