Bitcoin Reaches Its Highest Price In Over One Year

By Kevin • July 3, 2023 10:42 pm • Comments

There may be a chance that the crypto winter is finally over as the data shows that Bitcoin has finally hit its highest price in over a year.

Coincidentally, the price of Bitcoin is on an uptrend as multiple asset managers such as BlackRock and Fidelity have resubmitted their filings for a spot Bitcoin ETF.

As of July 3, the price of Bitcoin is shown to be over $31k which is a price point that has not been reached since last June.

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This is quite the significant milestone for the digital asset and many investors believe that there is a tremendous amount of upside despite the regulatory concerns.

The fact that the uptrend has persisted despite the concerns is actually one of the most bullish indicators of what might happen in the future.

DeCrypto.co reports:

The largest coin by market capitalization traded hands at $31,250 as of this writing, according to CoinGecko. It represents a gain of 2.4% over the past day and Bitcoin’s highest price since June of last year.

Over the past year, Bitcoin has risen 62%, navigating multiple crises like the collapse of cryptocurrency exchange FTX and the historic blowup of several regional banks, eventually ending up in the green.

Last June was one of Bitcoin’s worst months since 2011, sliding as low as $19,000 from around $30,000.

At that time, inflation in the U.S. peaked at a four-decade high of 9.1%, and the Federal Reserve ratcheted interest rates by 75 basis points, its largest hike in 28 years.

Of course, there are likely many other factors that are contributing to the rise of BTC despite the ETF filings such as inflation concerns as well as the asset becoming increasing attractive as an alternative investment.

Institutional adoption has been steadily growing throughout the past crypto winter which means there is constantly new capital entering the crypto markets.

On the other hand, the supply of BTC is always limited which gives it very strong reason to continue its upward momentum.

Lastly, Bitcoin’s next halving event is going to be coming soon within the next year and historical data has always shown that it is a catalyst for the next bull run.

Investors expect that the total market capitalization of crypto will eventually surpass the previous high as it has done multiple times in the past.

Coinpedia.org concludes:

Bitcoin’s price has once again surpassed the $31,000 mark, spurred by a sudden surge in open interest. Open interest, which represents the total number of unsettled futures contracts, experienced a leap of over $300 million within a mere two hours.

Market analysts attribute the intense price fluctuation to market suppression. The theory suggests that the longer and more forcefully a price is restrained, the more explosive the response is when it finally breaks loose.

Bitcoin experienced a dip on Friday due to concerns following a report that the SEC found several initial ETF filings to be incomplete.

However, the Cboe exchange promptly resubmitted the forms later that evening. Despite apprehensions about potential negative news impacting the market, Ivo Georgiev, CEO of Ambire Wallet, believes that the momentum towards a $40,000 Bitcoin price should be relatively straightforward to achieve.

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