Bitcoin Rallies Past $30,000 for First Time Since June 2022

Great to see you again at 30k BTC

Bitcoin’s breakout above stiff resistance at $30,000 comes after a so-called squeeze of the Bollinger Band, which saw historical volatility fall to the lowest since January. The compression back then resulted in a sharp move upward that looks similar to Tuesday’s upside breakout. Traders following technical patterns may now be looking at the $30,800 area as a first potential objective, followed by $31,200.
Punching past those levels would take Bitcoin close to another psychologically important threshold: erasing all losses since the tumultuous unwinding of the TerraUSD stablecoin in early May last year. That event set the stage for a deep market swoon and the demise of some of crypto’s best-known names, from 3AC to lender Celsius Network and exchange FTX.

To be sure, the crypto industry as a whole faces immense scrutiny. Crypto exchange Coinbase Global Inc. said it has received a notice from the Securities and Exchange Commission declaring its intention to bring an enforcement action. The SEC has sued crypto mogul Justin Sun for allegedly violating securities rules in a case Sun said lacks merit. And elsewhere, the US Commodity Futures Trading Commission has sued Binance founder Changpeng Zhao and his crypto exchange for alleged violations of derivatives regulations, though Binance has said it doesn’t agree with many of the agency’s characterizations.
But even with the setbacks, Bitcoin’s rally has gained strength over the past month following the collapse of three US banks, which revived the narrative among Bitcoin bulls that the token offers a more attractive alternative to traditional finance.