The price of Bitcoin managed to exceed the $30,400 threshold, marking an impressive high since the middle of April.

As the trading day opened on Wall Street on June 21, Bitcoin reclaimed its position at the $30,000 mark, a testament to the week’s robust gains.

Revival of Bitcoin Prices After a Multi-week Slump

Information from Cointelegraph Markets Pro and TradingView substantiates Bitcoin’s new multi-month zenith of $30,340 on Bitstamp.

The vigor of Bitcoin’s price evolution kept intensifying throughout the day, as investors seized the opportunity presented by several legacy financial institutions’ plans to roll out a Bitcoin exchange-traded fund (ETF).

This positive upswing managed to counterbalance several weeks of decline, marking a surge of over 20% from the lows of less than $24,800 recorded on June 15.

Surmounting the $30K Milestone: A Significant Undertaking

As market players set their short-term objectives, on-chain analysis platform Material Indicators pinpointed $30,000 as a crucial threshold to overcome.

A glimpse into the Bitcoin/USD order book on Binance highlighted an escalating resistance at $30k. The platform watched closely the influx of bid liquidity into the active trading spectrum, which might serve as a stabilizer.

This observation coincides with the ongoing statement from Jerome Powell, the chairperson of the United States Federal Reserve, to the House Financial Services Committee.

The US has already been a focal point for crypto market participants, with ETF disclosures sparking a resurgence of accumulation during the Western trading hours.

The Dominance of U.S. Investors and Robust Market Pressure

“On-chain analytics platform contributor Maartunn stated, “The Americans are leading the charge.”

Aggressive bids on Coinbase that emerged the day before began at a similar time on this day. An associated chart displayed a premium for BTC/USD on U.S. exchange Coinbase relative to Binance, the global heavyweight crypto exchange, indicating “intense buying pressure.”

Previously, Cointelegraph documented the changing possession of Bitcoin supply from the U.S. to China over the previous year.

A Shift Towards More Authentic Price Movement

Some market watchers highlighted what they believed to be a more organic shift in Bitcoin prices compared to recent peaks.

Scott Melker, a well-known trader and podcast host, along with Rekt Capital, expressed similar sentiments, hoping for continuation.

Melker shared with his Twitter audience, “This Bitcoin movement is driven by spot trends, with few liquidations, and shorts STILL coming in. Moreover, today’s spot volume is on par with yesterday’s, with several hours of trading still to go.”

He termed this trend as “the real deal,” and shared a chart emphasizing trading volume on the path to $30,000.