Bitcoin's resurgence continued this week, momentarily cresting the $29k mark for the first time since May. This 6% rally over 24 hours coincided with increased institutional interest in the cryptocurrency market and a surge in the total cryptocurrency market cap past the $1.1 trillion mark.
Fanning the flames of this rally were several key events. BlackRock, the world's largest asset management firm, filed with the US Securities and Exchange Commission (SEC) to launch a Bitcoin ETF.
Simultaneously, EDX Markets, a crypto exchange backed by Fidelity, Schwab, and Citadel, went live. These developments underpin the belief that the crypto market is becoming more appealing to traditional financial institutions, contributing to Bitcoin's upward momentum.
However, future price movements will depend on a variety of factors. The current market momentum indicates that Bitcoin could rally toward the $30k level if current sentiments are maintained.
The bullish sentiment is also reflected by AlwaysInGreen, a cryptocurrency expert, who suggested that the selling pressure for Bitcoin might be reducing.
He highlighted that if buyers successfully push the price above the resistance line of the current descending channel pattern, a new upward trend might be initiated.
However, he also warned of a possible retest of the strong support zone between $25,250 and $24,800 if the price turns down sharply.
