Bitcoin surpassed the crucial US$30,000 mark this morning, resulting in short liquidations reaching US$50 million and creating the possibility for the price to move above 31k if the bulls remain motivated.
Since the beginning of 2023, 30k has been a significant objective for Bitcoin longs as it has proven to be one of the top-performing asset classes and a safe-haven option amid turbulence in the traditional markets.
#Bitcoin surpassed the US$30,000 threshold for the first time in 10 months. As a result, short liquidations reached US$50 million and there is now a potential for a further increase above 31k if the bulls continue to remain energized #BTC is up 6.24% in the last 24 hours pic.twitter.com/d6FR0e4t50
— Share_Talk ™ (@Share_Talk) April 11, 2023
BTC/USDT has risen by over 80% year-to-date, with a 4.6% increase yesterday alone. In today’s Asia trading window, the pair peaked at US$30,430 before dropping back down to a flat 30k at the time of writing. This is unsurprising as many expected a level of profit-taking at this price point.
Bitcoin-related stocks also saw a surge in the Monday session, with Coinbase rising by 7.6%, Marathon Digital, a crypto miner, gaining 14%, and the Grayscale Bitcoin Trust (GBTC) increasing by 5.7%.
Regarding GBTC, the largest bitcoin fund worldwide, with US$18.3 billion under management, has reduced its discount to 35% from a maximum of 50% during the darkest period of the crypto winter.
Bitcoin bulls’ next objective is 31k, where Binance’s order book reveals the most significant concentration of selling pressure. Buying support is situated at 29k and US$28,500.
During today’s Asia trading window, Ethereum (ETH) hit a peak of US$1,940 before dropping back down to US$1,920. In contrast to BTC/USDT, ETH/USDT only saw a relatively modest gain of around 2.8% in Monday’s performance.
The Shanghai upgrade is a major event for the Ethereum blockchain ecosystem this week. It will allow stalkers to access around US$2 billion of locked ETH, followed by another US$30 billion in the following weeks and months. This could result in significant price swings for the world’s second-largest cryptocurrency if stakes opt to take profit.
