Bitcoin has once again captured the attention of investors and enthusiasts. The leading crypto asset is making a roaring comeback, entering what can only be described as “beast mode” as it surges toward the $30,000 mark. The question on everyone’s mind is whether the ongoing rally will receive a further boost from spot ETF applications to surpass the $30K level or witness a severe plunge from bears.
Bitcoin Investors Turn Greedy
Bitcoin’s price experienced a remarkable overnight rally, fueled by a wave of spot ETF applications from industry giants like Invesco and WisdomTree. This surge in applications has not only injected renewed optimism but has also provided a significant sentiment boost to the crypto market.
Recent data reveals a notable shift in Bitcoin investor sentiment, with greed making a comeback for the first time since May. The surge in Bitcoin’s price, surpassing the $29,000 mark, has propelled the current sentiment to a value of 59 on the Bitcoin Fear & Greed Index. This indicates that a significant majority of investors are currently driven by a sentiment of greed.
According to a report by Kaiko, BTC trading volume among US investors has experienced a significant surge, increasing by 44% compared to its January figures. This shift in Bitcoin trading volume indicates a renewed interest in BTC and a tendency to move away from altcoins.
The implications of this trend are evident in the differing performances of Bitcoin and altcoins. While Bitcoin has enjoyed an impressive rally, altcoins have not experienced the same level of upside. Consequently, it is reasonable to assume that the majority of the current rally will be concentrated on Bitcoin, suggesting the potential for further upward movement from this point onwards.
Is BTC Price Ready For $30K?
After establishing a solid support base above the pivotal $26,800 level, the price of Bitcoin embarked on a new rally, successfully surpassing the resistance zone at $28,400 and then surpassing the $29K mark.
This breakthrough opened the path for a sustained upward movement, carrying the price beyond the $29.5K mark. In fact, it even reached a high of $29,637, and it is currently preparing for another boost toward $30K.
As of writing, BTC price trades at $29,440, surging over 10% in the last 24 hours. The bulls are presently creating significant buying pressure, potentially intensifying the ongoing trend and propelling the price of BTC to test and validate a bullish rally above the 23.6% Fibonacci level from its current price.
If the price surges past the crucial level at $30,134, Bitcoin will continue to head toward its next resistance at $31,338. However, bears are expected to bring significant selling pressure above $30K to prevent any new rally. A rejection near the $30K level will send the BTC price to $27.5K.
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Shayan is a digital nomad and a professional journalist. He delivers high-quality engaging articles to Coinpedia through his in-depth research and analysis.