Bitcoin price is back above $30,000 for the second time in 2023, with bulls hoping it not only holds this time, but leads to renewed confidence in the crypto market. Is this a sign the bear market is over and the bull run is back on? Or is this just a bear market rally that will result in new lows eventually? Let’s take a closer look at the latest price action. Bitcoin Price Reclaims $30,000 Following Shift In News Cycle Just a week ago, the SEC was waging a war against altcoins, and there was negative news around every turn for the crypto market. In a flash, the news cycle turned positive with a slew of Wall Street brands making their presence known in the crypto space. Names include BlackRock, Charles Schwab, Sequoia Capital, Fidelity, and others. Related Reading: Bitcoin Breaks Out Of Ichimoku Cloud, Storms Toward $28,000 Within days of the news making rounds, Bitcoin price is already back above $30,000 per coin, leaving bears who expected new lows bewildered and in disbelief. Bitcoin has reclaimed $30,000 | BTCUSD on TradingView.com Why $31,000 Is The Level To Watch With $30K Broken Not only is BTCUSD back above $30,000 per coin, but it is already quickly approaching $31,000. A higher high on any timeframe could send further confirmation to investors that a bottom is in for cryptocurrencies. Investors and traders who were too fearful to buy lower might finally see these levels as a safer entry. Related Reading: Bitcoin Recovers Above Critical Level, Why Bulls Could Be Ready To Charge But Bitcoin isn’t yet out of the woods. $31,000 is the current local high for 2023, and that level must be taken out to further confirm an uptrend. An uptrend, by definition, is a series of higher highs and higher lows. With a higher low made at precisely $25,000 – the only thing that is missing is this higher high above $31,000. Will we get it as soon as today or this week? Tony is the author of the CoinChartist (VIP) newsletter. Follow @TonyTheBullBTC & @coinchartist_io on Twitter. Or join the TonyTradesBTC Telegram for daily market insights and technical analysis education. Please note: Content is educational and should not be considered investment advice. Featured image from iStockPhoto, Charts from TradingView.com
