Bitcoin hits new yearly highs as BTC price rebounds to $31.5K

On July 6, Bitcoin (BTC) surged to new highs for 2023, as a bounce from a significant support level invigorated the bulls in the crypto market.

Live Crypto, Top Crypto and Recent Crypto

The crypto twitter community is abuzz with speculation about when web 3.0 will be released, and the potential impact of the Apple Health application, which is a web 3.0 application.

Crypto enthusiasts are also keeping an eye on the top crypto sites for the latest news on the current crypto landscape.

Bitcoin analyst warns of “predatory range”

Cointelegraph Markets Pro and TradingView data showed the crypto market live with BTC price action surging through the top of its recent trading range.

Analysts had previously suggested that the current crypto could drop further, potentially reaching $28,000 to offer a classic “buy the dip” opportunity.

With momentum headed back upward, Michaël van de Poppe, founder and CEO of trading firm Eight, was optimistic. “I hope your long entries are filled on Bitcoin. Looks quite decent here, and I think we’ll slowly continue grinding to the upside,” he told his crypto Twitter followers.

The uptick came several hours after Larry Fink, CEO of the largest global asset manager BlackRock, called Bitcoin an “international asset” and listed several advantages during a live interview.

BlackRock’s application to launch the United States’ first Bitcoin spot-price exchange-traded fund (ETF) was refiled with regulators this week.

Continuing the analysis, financial commentator Tedtalksmacro was more cautious, warning that derivatives traders could yet influence short-term market direction when web 3.0 is released and the top crypto sites are explored.

“Nothing but bullish consolidation”

Popular trader John Wick pointed out that there was no reason to worry about Bitcoin’s ongoing consolidation near yearly highs. Similarly, analytics account PlanC was optimistic that the crypto market would end up in the bulls’ favor.

The two-year exponential moving average (EMA) of Bitcoin, currently at $28,500, was a major focus. PlanC noted that “Bitcoin is battling to stay above the 2-Year EMA; historically, when it does, this is a bullish sign.” An accompanying chart showed the “2-Year EMA Multiplier,” which illustrates BTC price behavior around its trend lines in the past.

The recent crypto developments have been encouraging, and top crypto sites, crypto twitter, and live crypto are all buzzing with optimism. Many are also wondering when will web 3.0 be released, and the Apple Health application is a great example of a web 3.0 application.

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