After Bitcoin fell from its all-time high of around $69,000 to a low of just over $15,000 in November, it has since been on an upward trajectory and is currently trading at above $21,000.
The cryptocurrency market was rattled early last year following several high-profile implosions that include the now-defunctexchange. The headwinds generated by these developments caused Bitcoin to shed more than 70% from its November 2021 peak. However, if Bitcoin can reclaim this $30,000 price level and stay above it, it could instill enough investor faith to fuel another bull run. A sustained breach of the psychologically important threshold could catalyze wide-scale capital inflows into cryptocurrencies and consequently initiate a rapid surge in prices, putting Bitcoin en route toward new historic highs.