Bitcoin (BTC) Eyes $37K Level as Price Crosses Over $29K

• Bitcoin’s price temporarily surpassed $29,000 on March 30 as per CMC.
• BTC’s social dominance has also hit a new all-time high, according to on-chain statistics.

Despite recent US governmental crackdowns on crypto businesses and accompanying uncertainties, Bitcoin’s price temporarily surpassed $29,000 on March 30. Bitcoin hit $29,159, the highest price since before the FTX cryptocurrency exchange went down in early November 2022, according to CMC.

Despite a number of regulatory crackdowns in recent days, including a lawsuit filed by the United States CFTC against Binance and its CEO Changpeng Zhao on March 27, the exchange’s trading volume has increased.

Several market observers were taken aback by Bitcoin’s price recovery after such a seismic event. It has been speculated that the biggest cryptocurrency exchange by transaction volume would only face minimal penalties as a consequence of the case.

Bulls in Control

Notwithstanding tremors in the international financial industry, the Crypto Fear and Greed Index, which attempts to statistically portray the current “emotions and sentiments” towards Bitcoin and other significant cryptocurrencies, has been gradually climbing over the previous month.

Large-volume traders’ possible re-entry into the market may have contributed to the recent price increases, according to several market analysts.

On the plus side, analysts had earlier predicted that if the Bitcoin price is able to rise beyond $28,600, it may continue to rise in the zone of $32,000 to $37,000. Similarly, if the Bitcoin price drops below $27,000, it might continue to decline to $26,000 and lower.

In tandem with the recent price increase, it is more evident that the next price move would likely be toward $37k mark. Moreover, BTC’s social dominance has also hit a new all-time high, according to on-chain statistics.