BUSD

Bitcoin

<ul>
 <li><strong>If the price manages to go past $30k level, then it will likely climb higher to test the $31,480 mark.</strong></li>
 <li><strong>During the week, BTC’s price hit $30,000, but it met stiff pushback from investors.</strong></li>
</ul>
<p>This week witnessed a significant increase in the price of bitcoin, with an increase of over 11% taking it to about $30,000. Santiment, a blockchain analytics company, claims that the growing buildup of stablecoins like USDT, USDC, and BUSD likely contributed to this <a href="https://thenewscrypto.com/bitcoin-attempts-30k-again-while-altcoins-surge/" target="_blank" rel="noopener noreferrer nofollow">Bitcoin</a> price spike.</p>
<p>There was a significant increase in the market valuation of these big stablecoins, which is currently above $120 billion. The increased purchasing power afforded by the increased market value of <a href="https://thenewscrypto.com/usdt-stablecoin-issuer-tether-plans-real-time-reserve-transparency/" target="_blank" rel="noopener noreferrer nofollow">stablecoins</a> likely contributed to Bitcoin’s surge to the critical $30,000 milestone.</p>
<h3 class="wp-block-heading" id="h-bulls-in-action">Bulls in Action</h3>
<p>Bitcoin’s bulls are working tirelessly to get the crypto above the crucial $30,000 barrier as its amazing upward trend continues. During the week, Bitcoin’s price hit $30,000, but it met stiff pushback from investors at this level. Even so, this is a considerable increase of 11% in the last 7 days. Bitcoin’s momentum might be bolstered even further if the Federal Reserve’s next recommendation on interest rate decision acts as a catalyst.</p>
<div class="wp-block-image">
 <figure class="aligncenter size-full"><img decoding="async" width="660" height="356" src="https://thenewscrypto.com/wp-content/uploads/2023/10/BTC_7D_graph_coinmarketcap-3.png" alt="" class="wp-image-84307" srcset="https://thenewscrypto.com/wp-content/uploads/2023/10/BTC_7D_graph_coinmarketcap-3.png 660w, https://thenewscrypto.com/wp-content/uploads/2023/10/BTC_7D_graph_coinmarketcap-3-300x162.png 300w, https://thenewscrypto.com/wp-content/uploads/2023/10/BTC_7D_graph_coinmarketcap-3-150x81.png 150w" sizes="(max-width: 660px) 100vw, 660px">
  <figcaption class="wp-element-caption">
   Source: <a href="http://CoinMarketCap.com" target="_blank" rel="noopener noreferrer nofollow">CoinMarketCap</a>
  </figcaption>
 </figure>
</div>
<p>At the time of writing, Bitcoin is trading at $29,682, down 0.42% in the last 24 hours as per data from CoinMarketCap. Moreover, the trading volume is down 17.36%. If the price manages to go past $30,000 level, then it will likely climb higher to test $31,480 resistance level. Breaking this level will likely see price going all the way till $42,600 mark.</p>
<p>However, if the price falls below $28,160 support area, then a downward move towards $27,250 is highly likely. Further decline will drive prices to test $26,600 support level.</p>

Bitcoin Price Eyes Breaking Above Critical $30,000 Barrier

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TheNewsCrypto

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