Over the weekend, the key digital currency saw some growth after a prolonged period of range-bound trading. BTC has now gained a foothold above the psychologically significant support level of $30,000.
On Monday, the daily increase reached 6 percent, with the coin’s price reaching $34,595. According to CoinGecko, the BTC ecosystem market capitalization increased by about 8 percent to $645 billion. BTC has become one of the leaders of the renewed crypto rally.
Bitcoin is only being outperformed by Ethereum, which has increased by 11% over the past day.
According to experts interviewed by Bloomberg, testing of the $30,000 mark over the past month showed this level is vigorously protected. Taking into account a lot of downward pressure on the prices, the current consolidation above $30,000 looks quite optimistic, according to Vijay Ayyar, the head of Asia-Pacific at crypto exchange Luno.
However, in his opinion, the picture is not so rosy given the number of tests of this level and low volumes of liquidity. In case of further decline, the BTC price will drop to $24 000-$25 000.
Selling pressure is also exerted by a number of fundamental factors. In particular, tough measures against the industry in China as well as the British financial watchdog banning Binance Markets Ltd from conducting any regulated business in the country.