Bitcoin (BTC) reaches $29,000 for the first time in 2023

Bitcoin had not reached this price level since June 2022, BTC price overnight reached $29,200 on Binance before falling back.

Indeed, yesterday the king of cryptos made a quick excursion past $29,000 and hit $29,122 around 4:30 a.m., according to data provided by Messari, before falling back. At the time of publishing this article, BTC is up 2% over 24 hours to around $28,570.

It appears that the price is continuing its run towards $30,000, with other crypto currencies yet to make a clean run in a crypto market that still remains uncertain, especially with a banking crisis threatening to worsen. The BTC price is not immune to a significant correction following its significant rise in recent months.

On their side, in the last 24 hours, Ethereum (ETH) and Binance Coin (BNB) are down 0.5% and 1% respectively. The Ethereum (ETH) price has jumped above $1800 overnight, an ETH price that is currently holding around this level.

As for the BNB price, it remains around 312 dollars, and resists well to the announcement of the lawsuit filed by the American regulator CFTC against Binance.

The rise in the Bitcoin price has not gone unnoticed and is beginning to attract interest from both retail and professional investors.

In addition, the relative strength index (RSI) for Bitcoin crossed a “crucial threshold” this week, Bloomberg reports. “Bitcoin’s monthly RSI surpassed 50, a level it had fallen below in May 2022 after Terra’s collapse,” the analysts wrote.

However, it remains to be seen whether this recent rise in the BTC price is merely a bullish rebound in a downward movement that is not yet over, or whether this rise in the Bitcoin price foreshadows the return of a crypto bull market in the coming months, in anticipation of the Bitcoin halving in 2024.