> ## Content Index
> Fetch the complete content index at: https://altcoininvestor.com/llms.txt
> Use this file to discover other available public pages before exploring further.

# Bitcoin Soars Above $30,000: A Look at the Current Market Uptrend
- URL: https://altcoininvestor.com/bitcoins-price-soars-above-30k/
- Published: 2023-06-22T21:41:10.000Z
- Updated: 2023-06-22T21:41:10.000Z
- Description: Blackrock's ETF filing is believed to be the catalyst for BTC's recent price movement.
- Author: Evelyn Lang
- Tags: Bitcoin (BTC), Latest Crypto News

Bitcoin experienced a significant uptick in its price on June 21, reaching a high of $30,122\. This rise in price is seen in the aftermath of the [SEC's stringent actions against Binance and Coinbase](https://altcoininvestor.com/sec-charges-against-coinbase-and-binance/), with market optimists hoping that this could signal the end of Bitcoin's 10-week downturn.

![](https://cdn.getmidnight.com/13448471d89a9cd8d7f71026a0334ec8/2023/06/CoinDesk.png)

Industry analysts believe that the crypto space has been in the midst of a credibility crisis, but the recent filings for spot bitcoin ETFs appear to have given a much-needed boost to the markets.

Data from CoinMarketCap reveals that Bitcoin is currently trading at $30,122, with a trading volume of $30,837,596,369 in the last 24 hours. The cryptocurrency has seen an increase of 4.25% during the same period, with a market cap of $584,786,336,856\. Presently, there are 19,408,718 BTC coins in circulation, with a maximum cap of 21,000,000 BTC coins.

## Blackrock's ETF Filing

Bitcoin's price started to climb on the Tuesday following the extended June holiday weekend in the U.S. The market began to more fully understand the ramifications of [BlackRock's ETF filing](https://altcoininvestor.com/blackrocks-bitcoin-etf/), which seems to have spurred the rally. 

Further evidence of institutional investors' increasing interest in crypto came later in the day, with Invesco and WisdomTree's re-filings for spot Bitcoin, despite the market turbulence caused by an uncertain regulatory landscape, persistent inflation, and other economic concerns.

In an interesting twist, the short-term correlation between Bitcoin's performance and the Nasdaq 100 index of technology stocks has gone negative for the first time since 2021\. 

## Fear & Greed Index

The BTC Fear and Greed Index is currently at 65, indicating a market shift.

![](https://cdn.getmidnight.com/13448471d89a9cd8d7f71026a0334ec8/2023/06/image-34.png)

[Fear and Greed Index](https://altcoininvestor.com/fear-and-greed-index/)

There's a palpable sense of anticipation in the crypto market as major institutional firms are ramping up their involvement in the industry. However, U.S. markets have taken a step back after weeks of gains, with technology stocks leading the decline. Both the Nasdaq Composite and S&P 500, with a significant weighting in technology, fell by 1.2% and 0.5% respectively. In Asia, the Hang Seng and Shanghai indexes fell by nearly 2% and 1.3% respectively as markets opened on a somber note.

Before this boost in confidence, an [SEC crackdown](https://altcoininvestor.com/tag/sec/) had led to a drop in morale and a decline in liquidity within crypto markets. The government has initiated lawsuits against exchange operators Binance Holding and Coinbase and has classified a range of digital tokens as unregistered securities.

There are other potential hurdles ahead, including the potential for tighter monetary policy and signs that Bitcoin's current run may be overheating — a momentum indicator known as the 14-day relative strength index is signaling an overbought market.

Despite a 2022 crash that wiped out $1.5 trillion in digital assets, Bitcoin has rebounded by 83% this year. However, the cryptocurrency is still trailing its 2021 high by around $39,000\. This break from the channel might indicate the end of the correction phase and the start of a new upward trend. 

If the trend holds and a breakout is witnessed, Bitcoin could potentially ascend to $35,000, marking a new high for the year. However, if the price is rebuffed, it might return to the $27,200 resistance line of the channel.