Bitcoin
and other cryptocurrencies were rising on Tuesday, with muted market activity in the U.S. on the July Fourth holiday raising the prospect of choppy price action that could push digital assets to new local highs.
The price of Bitcoin rose 1% over the past 24 hours to above $30,950, with the largest digital asset firmly above the psychologically important $30,000 level. Bitcoin’s latest rise above $30,000 came amid optimism about
BlackRock’s
(ticker: BLK) filing for a spot Bitcoin exchange-traded fund (ETF), and traders are remaining bullish despite a report late last week suggesting regulators found it and similar applications inadequate.
“Bitcoin is digesting its gains in a consolidation phase,” said Katie Stockton, managing partner at technical research firm Fairlead Strategies. “Initial support for Bitcoin is at the rising 50-day moving average around $27,700, and long-term support is at former resistance near $25,200.”
Cryptos face several immediate catalysts on the July Fourth holiday—even without cues from action in the
Dow Jones Industrial Average
and
S&P 500,
with U.S. markets closed. But that doesn’t mean Bitcoin could make a run to $31,500, topping June’s recent high to mark the best levels since late May 2022.
“The likely spark for Bitcoin fireworks on Independence Day is the lack of liquidity in the U.S., bringing into play the possibility of fresh 13-month highs,” said Antoni Trenchev, co-founder and managing partner at crypto lender Nexo. “Thinner trading on July 4th raises the odds of choppy prices and a break above the June high of $31,400, which represented the loftiest levels for over a year.”
Beyond Bitcoin,
Ether
—the second-largest crypto—shed 1% to $1,950. Smaller cryptos, or altcoins, were more upbeat, with
Cardano
climbing 1% and
Polygon
popping 2%. Memecoins were muted, with
Dogecoin
and
Shiba Inu
trading around flat.
Write to Jack Denton at [email protected]
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