Bitcoin Breaks Through $31K, Is This the Start of an Upward Trajectory?

$70 billion worth of crypto has entered the market in the past 24 hours and experts are cautiously optimistic.

Bitcoin Breaks Through $31K, Is This the Start of an Upward Trajectory?

2022 has not been very kind to the biggest cryptocurrency, its price first spiraled down and then has turbulently been jumping up and down. It seems, however, that the long-awaited salvation is on its way, as experts are cautiously optimistic about the digital asset breaking through the $31K resistance.

As reported by Finbold, Bitcoin's rise in the past few days has influenced other cryptocurrencies, pushing more than $70 billion worth of digital assets up the market in the past 24 hours. This sends a signal that the investors are ready to invest in BTC once again.

Coinmarketcap shows the overall market value has risen from $1.22 trillion to $1.29 trillion between June 5 and June 6, representing a growth of 5,7% in just a day. Moreover, the overall crypto trading volume jumped 44% from $42.7 billion to $61.8 billion.

Bitcoin itself has gained 6% of its initial worth from yesterday, climbing to $31,300. Some experts have previously predicted that once the cryptocurrency breaks the $30,300 resistance, it shall embark on an upward trajectory. Michaël van de Poppe, a high-profile expert on digital assets, has recently stated:

“Bitcoin held the $30K level, so long would still be intact from the $29.3K region. Now flipping $30.3K would be a continuation towards $31.8K possible.”

The next few days might be very decisive when it comes to Bitcoin and crypto as such. There is a potential for the digital asset to skyrocket again, however, this potential is not a guarantee. Despite the overall optimism, the experts still warn us not to count our chickens yet.

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