Is Bitcoin's Bull Run Back on Track with $30K Reclaimed?

In short: Bitcoin has surpassed $30,000 for the second time in 2023, with hopes that it will lead to renewed confidence in the crypto market. The positive news cycle, including major brands investing in crypto, has helped the market recover, leaving bears bewildered. However, experts warn that $31,000 is the current level to watch for confirmation of an uptrend and investors should still exercise caution.

Our quick analysis:
Bitcoin, the world's largest cryptocurrency, has reclaimed $30,000 per coin for the second time in 2023. The move has raised hopes among bulls that the bear market has ended and the bull run is back on. However, there are also concerns that this might be a bear market rally that will eventually result in new lows.

The recent shift in the news cycle has been instrumental in boosting Bitcoin's price. The SEC, which was waging a war against altcoins just a week ago, is no longer the center of attention. Instead, a slew of Wall Street brands, including BlackRock, Charles Schwab, Sequoia Capital, and Fidelity, have made their presence known in the crypto space.

The news has had an immediate impact on the price of Bitcoin, which is now approaching $31,000. This is a level to watch, as a higher high on any timeframe could provide further confirmation that a bottom is in for cryptocurrencies. It might be a safer entry for investors and traders who were previously too fearful to buy at lower levels.

However, Bitcoin isn't out of the woods yet. $31,000 is the current local high for 2023, and it must be taken out to further confirm an uptrend. Although a higher low was established at precisely $25,000, the only thing missing is a higher high above $31,000. It remains to be seen whether we will get it as soon as today or this week.

All eyes are currently on Bitcoin, and investors and traders are watching nervously to see whether it can break through the $31,000 level and maintain its upward momentum. Tony, the author of the CoinChartist (VIP) newsletter, believes that a higher high is essential to confirm an uptrend and is closely following the market for any signs of a breakout.

In conclusion, while the recent shift in the news cycle has been good news for Bitcoin, it remains to be seen whether the bull run is back on track. Investors and traders should exercise caution and keep a close eye on the market for any signs of a reversal or continuation.

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Disclaimer: Our articles are NOT financial advice, and we are not financial advisors. Your investments are your own responsibility. Please do your own research and seek advice from a licensed financial advisor beforehand if needed.

Bitcoin, the world's largest cryptocurrency, has reclaimed $30,000 per coin for the second time in 2023. The move has raised hopes among bulls that the bear market has ended and the bull run is back on. However, there are also concerns that this might be a bear market rally that will eventually result in new lows.

The recent shift in the news cycle has been instrumental in boosting Bitcoin's price. The SEC, which was waging a war against altcoins just a week ago, is no longer the center of attention. Instead, a slew of Wall Street brands, including BlackRock, Charles Schwab, Sequoia Capital, and Fidelity, have made their presence known in the crypto space.

The news has had an immediate impact on the price of Bitcoin, which is now approaching $31,000. This is a level to watch, as a higher high on any timeframe could provide further confirmation that a bottom is in for cryptocurrencies. It might be a safer entry for investors and traders who were previously too fearful to buy at lower levels.

However, Bitcoin isn't out of the woods yet. $31,000 is the current local high for 2023, and it must be taken out to further confirm an uptrend. Although a higher low was established at precisely $25,000, the only thing missing is a higher high above $31,000. It remains to be seen whether we will get it as soon as today or this week.

All eyes are currently on Bitcoin, and investors and traders are watching nervously to see whether it can break through the $31,000 level and maintain its upward momentum. Tony, the author of the CoinChartist (VIP) newsletter, believes that a higher high is essential to confirm an uptrend and is closely following the market for any signs of a breakout.

In conclusion, while the recent shift in the news cycle has been good news for Bitcoin, it remains to be seen whether the bull run is back on track. Investors and traders should exercise caution and keep a close eye on the market for any signs of a reversal or continuation.