Bitcoin clings to $30,000 after rising nearly 20% since Monday

Bitcoin clings to the $30,000 mark on Friday (slightly lower now at $29,950) after a clearly positive week in which it has risen nearly 20%.

The cryptoqueen has gone from suffering because of the actions of the US Securities and Exchange Commission (SEC) on Binance and Coinbase, and the decision of the Federal Reserve (Fed) to continue with its rate hikes, to rising thanks to BlackRock's decision to ask the SEC for approval of a Bitcoin ETF. Binance's agreement with the SEC to avoid a freeze on its assets in the US has also gone down well.

That being the case, at the close of the week in the markets, optimism seems to have returned to the cryptoverse. Expert reports are already talking about levels of $50,000 for Bitcoin and the BlackRock decision has been particularly welcomed, as, according to analysts, it´s a great boost for cryptos and will lead to further rises.

"Following BlackRock's filed for a spot Bitcoin ETF, Fidelity, the world's third-largest asset management firm, is preparing to unveil a Bitcoin ETF as well. Moreover, another cryptocurrency exchange funded by prominent players in traditional finance (TradFi) has been launched. We see all these activities with TradFi players as positive developments for the long-term development of the asset class," stated Kelly Chia, analyst at Julius Baer.

THE CORRECTION ENDS

Technically, the strong rallies recorded by Bitcoin confirm the end of the correction. "It seems very likely that we could end up seeing an extension of the rises to this year's highs drawn at $31,200," commented César Nuez, analyst at Bolsamanía and head of Trader Watch.

Nuez stressed that the performance at $31,200 is very important. "If it manages to overcome it, it is very likely to confirm a change in trend that could end up catapulting its price to the level of $40,000".

Below that, the support that must not be lost in sight is at $24,745, the lows drawn last week. "We will not see a sign of weakness as long as it keeps trading above this price level," concluded Nuez.

Translator: Alejandra Zamora