Price Of Bitcoin Meets Resistance At $30,000

While the price of Bitcoin (BTC) has rebounded this past week, the largest cryptocurrency is meeting resistance at the key $30,000 U.S. level, a threshold it has been unable to breach over the past month.

Bitcoin rose as much as 2.5% to $30,372 U.S. yesterday (June 2) before falling back to currently trade at $29,750.00 U.S.

Bitcoin has only briefly risen above the $30,000 U.S. level since the collapse of the TerraUSD stablecoin triggered a broad cryptocurrency selloff in May.

Since then, Bitcoin had staged mini rallies, rising to a three-week high of $32,359 U.S. earlier this week before giving up those gains and falling back below $30,000 U.S.

Cryptocurrencies have been hurt in recent months as the U.S. Federal Reserve and other central banks raise interest rates to combat high inflation.