Bitcoin Balances Around $35,000 as Crypto Market Pushes Higher

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Created by TradeOr

3rd Party Analysis 30 Jun 2021

Key Takeaways

  • Bitcoin hovers near $35,000 with a session high of $35,400 as market attempts to move higher
  • The largest digital currency is still in negative territory for the month

Bitcoin Balances Around $35,000

A slight move to the upside kicked off Tuesday’s action in the cryptocurrency market. The price of Bitcoin managed to climb above the $35,000 threshold today after closing Monday’s session with a 1% loss. Despite the moderate appreciation, Bitcoin remains in a seven-day consolidation zone with price gyrating between $31,000 and $35,000 per bitcoin.

Over the past week, the largest digital currency has advanced nearly 8% as crypto participants are trying to improve market sentiment and pare some of the losses after the extreme month of bearish news. Despite the recent climb, the price of Bitcoin is still pressured and poised to end the month of June in the red.

Crypto supporters, on the one hand, now expect the price of bitcoin to embark on a greener path toward higher grounds. They are looking for a catalyst that could sustain price’s upside swing for longer than a few days. Such catalyst, according to them, could be a solution to the Bitcoin mining process, which was a key factor in Bitcoin’s recent slump as China ordered the closure of all cryptocurrency mining operations in the Sichuan region earlier in the month.

Disputes Between Crypto Supporters and the Opposition

Those opposing the cryptocurrency boom, on the other hand, point to the recent regulatory crackdown. In fact, they say the digital asset market should operate under a policy framework that would make sure there are rules that would govern transactions.

On the back of continued disputes over Bitcoin’s worth and use, the digital coin remains in relief mode. This comes after the latest sell-off which erased over 50% from Bitcoin’s market value.

Over the weekend, apart from the news that Britain’s financial regulator released a statement, saying Binance is “not permitted to undertake any regulated activity in the UK”, Ricardo Pliego, a Mexican billionaire and the owner of Banco Azteca, said on Twitter he was pushing his country to accept Bitcoin as payment. “Me and my bank are working to be the first bank in Mexico to accept #Bitcoin,” he said on Sunday.

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