Bitcoin hits a 1-year high, breaking above US$31,000 on Friday

CRYPT — On Monday, most cryptocurrency exchanges were trading significantly below their opening prices. Bitcoin (BTC) fell 2%, landing at $30,221, while Ethereum (ETH) fell below $1,900. Bitcoin (BTC) volume was around $13.19 billion, up 5.23% over the previous twenty-four hours. “On Friday, the price of one bitcoin reached a new all-time high, surpassing the USD 31,000 mark. According to Edul Patel, co-founder and CEO of Mudrex, “However, it has since entered a phase of consolidation, stabilizing around the US$30,000 level over the past 24 hours.

The positive attitude among investors was gained by Bitcoin following the cryptocurrency’s recent price increase of more than 14% in the last week alone. The most significant hurdle for Bitcoin is to hold its price above the US$30,000 pivot barrier, which, if breached, can trigger a chain reaction of ever-increasing gains. Edul further mentioned that the current support level for BTC is located at USD 29,500. A few of the larger crypto tokens were also trading at a loss. Cardano, Litecoin and Polygon all suffered losses of more than 3%. The total value of all cryptocurrencies in the market was trading at around $1.18 trillion, down 2% from previous day’s trading levels.

Bitcoin, the most valuable cryptocurrency in existence, had a market capitalization of around $586 billion. According to CoinMarketCap, Bitcoin’s market share is currently at 49.90%, which represents a decline of 0.13% during the day. Market investors are closely watching the psychologically significant support level of $30,000 as Bitcoin continues to trade near this price. The appearance of a negative trend would be signaled by a breakout below this level, which could send Bitcoin prices below $28,250. According to Sathvik Vishwanath, co-founder and CEO of Unocoin, “

On the other hand, a break above the $31,250 resistance level could expose Bitcoin to higher price territories such as $32,000 or even $34,150. Buy watch at 25661, said Rajagopal Menon, vice president of WazirX. At the current price of 28,984, the 10-day simple moving average gives the buy signal, while the 200-day simple moving average gives the buy signal at 24,384.

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