Bitcoin price breaks $30,000, is the bull run back?

The price of Bitcoin has risen above $30,000 for the second time in 2023, and investors are hoping that it will not only hold this time but also lead to renewed confidence in the cryptocurrency market.

Some investors are wondering if this is a sign that the bear market is over and the bull run is back on track, or if it is just a bear market rally that will eventually result in new lows. Let’s take a closer look at the latest price action.

Bitcoin Price Reclaims $30,000 Following Shift In News Cycle

Just a week ago, the SEC was attacking altcoins, and negative news was everywhere in the crypto market. Suddenly, the news cycle turned positive with a number of Wall Street brands making their presence known in the crypto space, including BlackRock, Charles Schwab, Sequoia Capital, Fidelity, and others.

Within days of the news breaking, the price of Bitcoin has already risen above $30,000 per coin, leaving bears who expected new lows bewildered and in disbelief.

Bitcoin has reclaimed $30,000 | BTCUSD on TradingView.com

Why $31,000 Is The Level To Watch With $30K Broken

Not only has BTCUSD risen above $30,000 per coin, but it is also quickly approaching $31,000. If it continues to reach higher highs, this could provide further confirmation to investors that cryptocurrencies have bottomed out. Investors and traders who were too afraid to buy when prices were lower may now see these levels as a safer entry point.

However, Bitcoin is not yet out of the woods. $31,000 is the current local high for 2023, and that level must be surpassed to confirm an uptrend. An uptrend is defined as a series of higher highs and higher lows. With a higher low already made at exactly $25,000, the only thing missing is this higher high above $31,000. Will we see it as soon as today or this week?