Bitcoin value rises over $30,000 for first time since June

Bitcoin has climbed over the key $30,000 level for the first time since June 2022, rallying more than 80% since the start of the year. This comes, as the investors expect the U.S. Federal reserve to soon end its monetary tightening policy.

As per Bloomberg, the rebound is even more intense than a nearly 20% gain on the Nasdaq 100 — with which Bitcoin has tended to move in tandem — and retraces some of the digital token’s losses from 2022 following a series of crypto-related blowups. Still, Bitcoin is down more than 50% from its all-time high in November 2021.

The token has risen as much as 2% to $30,262. The cryptocurrency has gained about 6% since the start of the month. In March it has gained about 23%.

As per Mint, bitcoin's surge follows Friday's closely-watched US nonfarm payrolls report that showed employers maintained a strong pace of hiring in March, pointing to a still-resilient economy.

Bloomberg reported, bitcoin’s breakout above stiff resistance at $30,000 comes after a so-called squeeze of the Bollinger Band, which saw historical volatility fall to the lowest since January. The compression back then resulted in a sharp move upward that looks similar to Tuesday’s upside breakout. Traders following technical patterns may now be looking at the $30,800 area as a first potential objective, followed by $31,200.