• It is the first time the Bitcoin price has breached the $30,000 mark since June of last year.
• The surge follows a month of consolidation at around $28K.
• Traders were expecting the US Consumer Price Index report to provide insight into the Federal Reserve’s inflation battle.

Bitcoin’s price jumped above the $30,100 level early Monday and has been hovering around that range since then. It touched a daily high of $30,160.48 and was trading at $30,126 at press time.

It marks the first time since June 2022 that the leading cryptocurrency has breached the $30,000 threshold, continuing its bull run from the start of the year.

What is Driving the Price Rally?

The BTC price has skyrocketed by more than 46% in the last few months, setting a new 10-month high.

Analysts had predicted that Bitcoin would break the $30,000 barrier as traders looked forward to the US Consumer Price Index (CPI) report, due on April 12. This report could provide an important insight into the Federal Reserve’s stance on inflation.

The Crypto Fear and Greed Index has been in the “Greed” zone for the past week, reaching 68 out of 100 in its latest update. The Index numerically represents the crypto market’s “emotions and sentiments” towards Bitcoin.

The 68 score is the highest Bitcoin had ever reached, since it scored 66 on November 16, 2021, shortly after hitting its all-time high of $69,000.

Despite the Crypto Fear and Greed Index score being high, most technical indicators still point to a strong bullish trend, suggesting a long-term bull run over the next few days.

The post Bitcoin Hits $30K Milestone: What is Fueling the Price Rally? appeared first on CoinJournal.