Bitcoin price has been hovering slightly above the key resistance level of $31,000 for the past 24 hours amid increased interest in the cryptocurrency market by institutional investors. At press time, Bitcoin was trading at $31,045 after hitting an intraday high of $31,350.69. BTC has jumped by more than 14% in the past month and nearly 85% in the year to date.
BTC Outlook
Bitcoin price boasts of a total market cap of $603 billion and a 24-hour trading volume of $16 billion. The cryptocurrency was among the best-performing assets in the sector in June, buoyed by the sudden interest in the crypto market by Wall Street bigwigs and the bullish sentiment in the crypto market.
Data by Coinmarketcap shows that the global crypto market cap has increased to $1.22 trillion over the last day, with the total crypto market volume up by 6.52%. Bitcoin’s dominance has also increased to 49.59% over the same period.
The crypto fear and greed index, one of the key tools used to measure market sentiment, has been holding steady at a greed level of 61 for the past few days, supporting the bullish sentiment. The Fear and Greed Index assesses the emotions and sentiment driving the market by analyzing factors like volatility, Bitcoin’s dominance, market momentum, and social media trends. The current greed reading suggests that investors are getting confident, which often leads to a bullish market outlook.
Bitcoin price fell slightly on the last day of June on the back of a report by The Wall Street Journal that the US Securities and Exchange Commission (SEC) had deemed Bitcoin spot ETF filings by BlackRock and Fidelity inadequate. Even so, BTC recovered from the losses after Nasdaq refiled BlackRock’s Bitcoin ETF application with the SEC.
The sudden interest in the crypto market has been driving crypto prices higher over the past month. However, macroeconomic headwinds have continued to weigh on the markets. Markets are pricing in further interest rate hikes this month from global central banks against the backdrop of Jerome Powell’s hawkish speech last week.
Bitcoin Price Technical Analysis
Bitcoin price has been holding steady above the crucial level of $30K for the past few days. On the daily chart, BTC has managed to remain above the 50-day and 200-day exponential moving averages, as well as the 50-day and 100-day simple moving averages. Its Relative Strength Index (RSI) has dropped to 68.
As such, I expect the Bitcoin price to continue moving higher in the ensuing sessions as buyers target the next resistance level at $32,395. Conversely, a pullback below $29,588.85 will invalidate the bullish thesis.
