Bitcoin has broken above the psychological $30,000, reaching its highest point since the crypto crash last year. The surge has been defining 2023, with Bitcoin up 80% since the start of the year, leading many to suggest a new bull market is underway. Investors are likely to experience "fear of missing out" as a result of the current price trend, which is expected to generate a lot of attention. While profit-taking may occur at the present level, it is probable that the price will continue to rise due to the momentum created. The return of Bitcoin above $30,000 is a bullish signal to traders, who are betting on further price rises. Bitcoin is sensitive to macroeconomic forces and a correlation to stocks, with the Federal Reserve's potential pause on rate hikes and upcoming inflation data being key drivers of price action. To confirm its bullish streak, Bitcoin needs to maintain its current momentum.
Senior Market Specialist
Russell Shor joined FXCM in October 2017 as a Senior Market Specialist. He is a certified FMVA® and has an Honours Degree in Economics from the University of South Africa. Russell is a full member of the Society of Technical Analysts in the United Kingdom. With over 20 years of financial markets experience, his analysis is of a high standard and quality.