After a week's decline, Bitcoin reached the $30,000 limit, while altcoins also saw an upward movement.
Speaking to Bloomberg while BTC was on the rise, analysts said that after this year's increase, Bitcoin has come to a point where they see it as an important turning point and where a break in price can occur.
Stating that BTC is trading around its 50-day moving average, Paul Hickey from Bespoke Investment Group said that the level to watch in Bitcoin is $ 27,500.
“The $27,500 level is critical in Bitcoin. If this level is not held, prices risk falling.
While the Bitcoin and crypto space has little to do with the stock market, investors are watching the S&P 500 along with BTC."
Another name evaluating BTC's movements and future came from Ambre Soubiran, CEO of crypto data provider Kaiko.
Speaking to Bloomberg TV, Kaiko CEO used the following statements:
“We have seen a decline in Bitcoin's volume, market depth and liquidity, which has translated into higher volatility.
This is an indication that the market has not returned to the pre-2022 crisis amount in terms of volume and most importantly market depth, creating a positive mood around the prices of crypto assets.
For a general and permanent rise in prices, there must also be increases in volume, market depth and liquidity.
*Not investment advice.
