• Bitcoin (BTC) price passed $30,400, marking the largest cryptocurrency’s highest levels since mid-April.
• BTC/USD erased many weeks of downside, adding over 20% versus local lows below $24,800 seen on June 15.
• U.S. was already a focus for crypto market participants, with the ETF announcements fueling a return to accumulation during Western trading hours.
Bitcoin Price Hits All-Time High
Bitcoin (BTC) surged past $30,400 for the first time since April in a strong continuation of the week’s gains. Data from Cointelegraph Markets Pro and TradingView confirmed that the largest cryptocurrency hit a new multi-month high of $30,340 on Bitstamp.
Bullish Momentum Continues
BTC price action continued to heat up throughout the day as bulls took advantage of strength due to various announcements of legacy finance applying to launch a Bitcoin exchange-traded fund (ETF). This pushed BTC/USD above its recent low of $24,800 seen on June 15 and erased many weeks of downside as it added over 20%.
U.S. Crypto Market Focuses On ETFs
The U.S., which has been making headlines recently thanks to an increasing number of ETF applications being approved by regulatory authorities, is already a focus for crypto market participants as these announcements fuel further returns to accumulation during Western trading hours.
Strong Buying Pressure From The Americans
Maartunn from CryptoQuant noted that “the intense bidding on Coinbase that took place yesterday commenced at a similar time as it did today,” signaling “strong buying pressure” from American traders and investors on the day according to accompanying chart data which showed an increasing premium for BTC/USD traded in US exchanges compared to global ones like Binance.
Jerome Powell Testimony Provides Volatility
On-chain monitoring resource Material Indicators focused attention on the importance of overcoming resistance at $30k while traders lined up short-term targets ahead of Jerome Powell’s testimony before the House Financial Services Committee which was expected to bring some volatility into play despite no major surprises being revealed by Powell himself during his appearance