The cryptocurrency market recovered from Monday's dip in trading on Tuesday as Bitcoin climbed back above $30,400 while Ether continues to hover around the $2,000 mark. The market rebound comes as investors continue to monitor macroeconomic factors such as inflation concerns and the potential impact of regulatory crackdowns on digital assets.
Macro catalysts are lining up for bitcoin, a new report from the brokerage firm said. The report notes that the recent rise in inflation expectations, combined with a growing acceptance of cryptocurrencies among institutional investors, could lead to a surge in demand for bitcoin as a hedge against inflation.
Bitcoin price (BTC) is back within the desirable zone after breaking past a local resistance to kickstart what many hope to be a sustained bullish trend. The move comes after a prolonged period of consolidation, during which BTC has been trading in a range between $29,000 and $34,000.
Bitcoin sees a sudden return to form as a reshuffle of order book liquidity precedes a spurt above crucial BTC price resistance. The move was fueled by a surge in buying pressure from institutional investors, who have been increasingly interested in digital assets as a way to diversify their portfolios.
After breaking the psychological level at $30,000, the price of Bitcoin (BTC) has been moving in a sideways trend during the past week, with price action mostly contained between $30,000 and $34,000. This consolidation phase has allowed buyers to regain strength, and BTC has now bounced back above $30,400.
Bitcoin's price has been increasing consistently lately, continuing its bullish phase since the beginning of the year. The market has been buoyed by a number of positive developments, including growing institutional adoption, the integration of bitcoin into PayPal's platform, and increased regulatory clarity in some jurisdictions.
There is no doubt that the Bitcoin [BTC] stopover around $30,000 has been fueled by increased demand in the market. Needless to say, the cryptocurrency has been experiencing a lot of ups and downs in the market and has been quite volatile in the past few months.
The latest price moves in crypto markets in context for April 18, 2023. Bitcoin and other top cryptocurrencies have rocketed higher so far this year, with ethereum's founder issuing a warning about the risks of investing in digital assets.
Bitcoin (BTC) and ethereum (ETH) have been the standout performers in the cryptocurrency market so far this year, with both coins surging to new all-time highs in recent weeks. Despite some concerns about the sustainability of these gains, many investors remain bullish on the long-term prospects of digital assets.
Ticker: BTC, ETH.