Bitcoin returned to $30,000 after the June 21 Wall Street open, extending the week’s gains.
TradingView data confirmed a fresh multi-month high on Bitstamp of $30,340.
BTC price action remained hot throughout the day as bulls capitalized on strength generated by several announcements of legacy finance applying to start a Bitcoin exchange-traded fund (ETF).
In doing so, BTC/USD erased many weeks of decline, rising more than 20% from June 15 lows below $24,800.
As traders set short-term goals, on-chain monitoring resource Material Indicators identified $30,000 as a critical level to surpass.
It highlighted in an upload of a print of the BTC/USD order book on Binance that “resistance at $30k is building.”
The continued testimony of Jerome Powell, chair of the United States Federal Reserve, before the House Financial Services Committee was cited by Material Indicators.
The United States has already become a focal point for crypto market participants, with the ETF announcements spurring a return to accumulation during Western trading hours.
“The Americans are buying,” continued Maartunn, a contributor to the on-chain analytics portal CryptoQuant.
“The intense bidding on Coinbase that took place yesterday commenced at a similar time as it did today.”
The premium for BTC/USD on US exchange Coinbase over the largest global crypto exchange Binance was shown in an accompanying graphic, indicating “strong buying pressure” on the day.
Scott Melker, the trader and podcast presenter known as “The Wolf Of All Streets,” looked for continuation, as did popular trader and analyst Rekt Capital.
“This Bitcoin move is being driven by spot liquidity, with minimal liquidations and shorts STILL pouring in.” Furthermore, with 10 hours left in the candle, spot volume today is equal to yesterday,” he told Twitter followers.