The largest cryptocurrency went up for a third day in a row, passing $30,000 for the first time. It rose up to $30,441.43, which is a 4.4 percent increase. Even though Bitcoin’s popularity has been growing, some Altcoins have been doing better. For example, Avalanche is up 6.6% and Cardano is up 8.6%.
Bitcoin hasn’t been able to move in recent months because the Federal Reserve and other central banks have switched to rate-hiking cycles. This is because inflation has stayed high for a long time. The fall of the Terra ecosystem has also made people less interested in digital assets. Concerns among market watchers grew over the weekend as the record-high correlation with the Nasdaq 100 weakened as tech stocks rose.
Antoni Trenchev, co-founder and managing partner of crypto lender Nexo, said, “This is the kind of de-correlation that nobody wanted.”
Bitcoin prices have been going up and down in a so-called “pennant” for the last two weeks, but they broke down late last week.
Based on the pattern, bears will keep having the upper hand until the token gets back to $30,200, and a break below $28,000 could bring the $25,000 level back into focus.
A pattern called a “descending triangle” shows that anything below $25,400 could bring the 2017 peak, which was just below $20,000, back into play.
Read more: Cryptocurrency