What Are The Reasons For Bitcoin Surpassing $30K ?

Welcome to Allcalculator.net, your one-stop destination for a wide range of financial calculators. With our Finance Calculator, you can easily analyze and track the performance of Cryptocurrencies like Bitcoin (CRYPTO: BTC), which has once more surpassed the significant $30,000 mark.

According to the news, the most recent spike raised optimism that a full bull trend would be beginning. Glassnode, a data analytics company, claims that the market is still in transition.

Investors still need to be patient because historical evidence indicates that past transitioning periods lasted between 459 and 770 days. 

Assuming November's lows, the current transition period spanned 227 days, while the bear market has continued for 593 days as of this writing.

On Monday, the Greed and Fear Index showed a reading of 55, indicating that the market was skewed towards Greed than Fear. A score of zero indicates "Extreme Fear" and a score of 100 indicates "Extreme Greed" on the market, respectively. The Index gauges the level of fear or greed present in the market.

Why we have to take this matter into consideration:

According to Glassnode's most recent data, the quantity of Bitcoin held in exchanges has been steadily declining.

According to the on-chain data, Over 2.3 million bitcoins have left exchanges in the last 30 days, translating to a more than 11.7% decline in the overall number of bitcoins.

According to Coinglass data, Over the course of the final day, 29,862 traders were liquidated for a total liquidation value of $69.01 million.

The largest single liquidation order, worth $1.10 million, was recorded on OKX and was in the BTC-USDT-SWAP currency.