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Bitcoin is slowly approaching the $30,000 price mark due to recent macro events that have resulted in increased buying pressure from investors looking to secure their investments.
Now, the asset is leading the crypto market rally, with a 0.1% increase in the last 24 hours.
Could Bitcoin see a steady and sequential rise back to the top? Growing strong fundamentals seems to point in that direction.
Bitcoin’s Solidifying a Bullish Trend in a Volatile Global Financial Landscape
At press time, the proof-of-work (PoW) asset is trading at $29,164.32, reflecting a 0.1% increase in the last 24 hours.
While this figure might seem negligible, Bitcoin has been steadily building strong support around the $28,700 price range in the last two days.
The digital asset briefly touched the $29,000 peg before dipping to $28,900 last night. Now, BTC is looking to solidify its position and break above the $30,000 resistance level it has faced in the past week.
Looking at its seven-day performance, we can see that the decentralized virtual currency is not yet out of the woods.
Bitcoin has shed 1.10% of its gains in the past week but has maintained a bullish outlook of 3.49% in the past 30 days.
Its bullish streak has not subsided since 2023 began, as it has clocked in a neat 24.39% surge in the past three months and 36.85% in the last 180 days.
The most important metric for Bitcoin’s bulls and long-term holders is the year-to-date (YTD), which the digital asset has aced. The token is up by 76.21% YTD showing that long-term trades usually pay off.
Turning our sight to its technicals show the position Bitcoin is currently maintaining. The 50-day smooth moving average (SMA) price of $28,580 shows that the asset is flying high in the short term.
Looking further, its 200-day SMA price of $22,048.58 reinforces this truth. With the bulls back in play, Bitcoin’s relative strength index (RSI) is a sight to behold due to its huge profit opportunity.
The RSI figure of 59.14 means the digital asset is still in the underbought zone making now a viable time to buy Bitcoin and rise with the market.
Its moving average convergence divergence (MACD) is still in its formative stage, but the buy signal is already making a case for supremacy.
Bitcoin Becoming More Attractive by the Day
Since its debut in January 2009, Bitcoin has become the accepted standard for everything a decentralized currency could become.
In the beginning, many government agencies and public figures were reluctant to back or even mention the crypto asset. Now, with broader acceptance as a medium of exchange across different borders, governments have been forced to take notice.
One such is the Montana government of the United States which has recently prohibited the taxation of Bitcoin as a payment medium.
BREAKING: The state of Montana signs into law a bill prohibiting any taxation on the use of #Bitcoin as payment.
— Dennis Porter (@Dennis_Porter_) May 5, 2023
The State of Montana has also given the green light to mine Bitcoin within its territory and prohibited local governments from sanctioning the move.
₿: The ‘Right to Mine #Bitcoin’ is now protected by law in the State of Montana. pic.twitter.com/JNVoKGHLmb
— Documenting ₿itcoin 📄 (@DocumentingBTC) May 5, 2023
Governments are not the only ones who have backed the anonymously created asset. Robert Kennedy Jr. is a new Bitcoin evangelist following in the footsteps of MicroStrategy Chairman Michael Saylor.
In his most recent tweet, Kennedy Jr stated unequivocally that Bitcoin’s decentralized nature ensures financial liberty from government interference.
That is why I oppose CBDCs, which will vastly magnify the government’s power to suffocate dissent by cutting off access to funds with a keystroke. That’s also why I support bitcoin, which allows people to conduct transactions free from government interference. Bitcoin has been a…
— Robert F. Kennedy Jr (@RobertKennedyJr) May 5, 2023
Furthermore, he expressed opposition to central bank digital currencies (CBDCs), despite their use of blockchain technology. His concern is that CBDCs could give the world governments more control to silence opposing voices by digitally restricting access to users’ funds.
Bitcoin’s growing adoption could signal the start of a new financial order, and in that case, the digital asset could retest its early record high of $69,000 in the coming months.
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