June 23 (Cointime) - The writer's opinion is presented and it is not financial, investment, trading, or other types of advice. The market structure has shifted in favor of bulls due to rising demand. The $30k region is significant as it has been important since January 2021. Bitcoin's price action earlier this year suggests that it could reach $34k later this year, although trading volume and market sentiment could hinder progress.

The US Federal Reserve's decision to pause interest rate hikes was well-received in traditional markets, and Bitcoin spot ETF applications boosted sentiment, but the SEC's lawsuits against some of the largest players in the market caused some concern for investors. The 2020/2021 bull run saw BTC prices rise by more than 500%, and a 13% move higher from $30k to $34k would establish the $16k area as a long-term bottom.

However, trading volume has been underwhelming since April, and the $30k area is a significant psychological and technical resistance. A higher low in the coming weeks would indicate an uptrend, and the 100% Fibonacci extension level at $34.2k is the next target. The rise in MVRV means selling pressure could mount soon, but a pullback and another move back above $30k in the next week or two would be a hopeful development for BTC bulls.