Relief for Investors as Bitcoin crosses the $30k mark overnight

Weekly Update

The global cryptocurrency market capitalization was trading at $1.28 trillion, up more than 3% in the last 24 hours. The entire cryptocurrency trading volume, however, decreased by around 4% to $82.67 billion.

Crypto currencies bounced back with decent gains on Friday amid market volatility after a brutal hammering. Except for the US dollar-pegged currencies, all other tokens saw significant rises on Friday. BNB and XRP both increased by 5%, while Bitcoin and Ethereum both increased by 4%.

Bitcoin Crosses $30k Overnight

The price of Bitcoin found support at $28,500 after a prolonged decline. Once a fresh base of $28,600 was formed, a new rise began. The $29,500 resistance level was broken, as was the 100-hourly SMA. The price even surpassed the $30,000 threshold. However, the price had a difficult challenge in the $30,600 range and is now trading in the $30,300 range.

A break of the $30,600 resistance levels might signal the beginning of a new upward trend in the near future. The $31,500 level may serve as the next significant hurdle before the price gains more upward momentum.