Bitcoin price breaks the $30,000 barrier

Bitcoin price broke Tuesday's $30,000 level barrier, reaching its highest level since June 2022. The recent banking crisis has undermined trust in the banking system, raising the appeal of investing in less conventional assets, such as cryptocurrencies. Many investors have turned towards cryptocurrencies in the past few weeks, fearing a globalized meltdown in the banking system.

Reduced rate hike expectations have boosted risk sentiment, providing support for cryptocurrency prices. The Federal Reserve raised interest rates by only 25 basis points at its meeting in March, bringing the benchmark interest rate to a target range of 4.75% to 5.00%. Market odds currently favor another 25-basis point rate hike at the Fed’s next meeting in May. 

Bitcoin price surged on Tuesday, climbing to $30,300. If the BTC price declines, support can be found near $27,700, while resistance may be encountered near $31,000. 

Ethereum was sluggish on Tuesday, as traders awaited the release of an important upgrade on Wednesday. Ethereum traded sideways, oscillating around the $1,900 level. If Ethereum's price declines, it may encounter support near $1,820; if it increases, resistance may be encountered at $2,000.

Ethereum price has gone up this week as planned upgrades are due soon. The highly-anticipated Shanghai upgrade is going live on Wednesday. This upgrade will enable the withdrawal of staked Ethereum from the blockchain network, effectively completing its transition to a proof of stake model. 

BTC/USD 1h Chart

ETH/USD 1h Chart

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Written by:
Myrsini Giannouli

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