Bitcoin Eyes Return To $30K After Hitting 9-Month High
Bitcoin briefly cleared $29,000 on Thursday morning as crypto markets enjoy a welcome return to risk-on attitude
Mia Stendal/Shutterstock, modified by Blockworks
The price of bitcoin (BTC) almost hit $29,200 on Thursday morning, reaching its highest point in more than nine months.
“Market structure is sound,” Anthony Rousseau, head of brokerage Solutions at TradeStation told Blockworks.
Bitcoin last traded above $29,000 across late May and early June last year, per TradingView. BTC was hovering around $28,600 as of 8:45 am, ET.
“Prices do not represent the kind of doomsday scenario that widespread regulatory action seemingly could ignite in a structurally less-stable market.”
Since the start of the year, crypto has enjoyed a short-term trend which has stuck around, providing a convincing rationale for accumulation, Rousseau said.
James Lavish, managing partner at the Bitcoin Opportunity Fund, said the broader market had enjoyed a “risk-on day across the board.”
The broad S&P 500 and Dow Jones indexes closed 1.4% and 1% higher, respectively, while tech-heavy Nasdaq Composite climbed 1.8%.
“Investors seem to be positioning themselves and their books ahead of some crucial data this week, namely the GDP and PCE inflation data,” Lavish said.
If data comes in weaker than expected, it would give US Federal Reserve Chair Jerome Powell more evidence to pause further rate rises, or so the theory goes.
Still, a shift in the global liquidity tide has been net positive for assets like bitcoin, Rousseau added.
Get the news in your inbox. Explore Blockworks newsletters:
- The Breakdown: Decoding crypto and the markets. Daily.
- 0xResearch: Alpha in your inbox. Think like an analyst.
