Bitcoin Rallies to $30K – Will the Bear Markets End Sooner?

Honduras Special Economic Zone Declares Bitcoin (BTC) as Legal Tender
  • Bitcoin is up for a relief rally trying to develop resistance at $30k.
  • Bitcoin has been trading up 1.52% in the last 24h.

The overall crypto market has been exhibiting dynamic downtrends ever since the start of May. Bitcoin, Ethereum, and all other altcoins have mostly traded only in the red zone. The largest cryptocurrency had halted its eighth weekly red candle and surged up into a bullish zone.

Bitcoin started off this fourth week of May by establishing its new relief resistance at the $30,000 level, surpassing its former $29.69k level. As a result of this optimistic price action, the market cap of the crypto market increased by 2.5% from $1,278,473,701,359 USD to $1,310,967,622,497 USD.

Source: TradingView

According to CMC, at the time of writing, BTC traded at $30,243 USD with a 24-hour trading volume of $26,088,345,130 USD. Similarly, its contender, Ethereum , also surged above its $2,017 level to trade at $2,049 USD, at the time of writing.

BTC Trying To Regain Its Spot

Despite the market sentiment continuing to be in fear, the number of addresses holding atleast 1 BTC was recorded at an all-time high of 845,340. It indicates that HOLDers are passively waiting to hit the jackpot once the market regains its pace and moves into a significant rally.

A famous crypto enthusiast named “Bitcoin Archive” on Twitter tweeted a chart highlights the ‘buy zones’ correlates Bitcoin to its 2-year moving average (MA)

From El Salvador and 44 other countries seriously working on adopting BTC as a legal tender, US including cryptos as part of the 401(k) investments to famous luxury firms such as Balenciaga accepting Bitcoin payments, the cryptocurrency is gaining its real-time value.

Watching the volatile market striding in green gives a ray of hope to investors. Bulls may gain a gradual entry into the market while bears may shift to their sidelines if Bitcoin manages to sustain or go beyond its $30k resistance level.

A perpetual learner who loves writing. Passionate about investing her time and zeal to explore the crypto world. Curiosity and creativity are her superpowers.