The digital currency has recovered above the key threshold after a dip on Tuesday initially sparked fears of a selloff
Bitcoin has managed to once again rebound above the key US$30,000 threshold after dropping below it in the early hours of Tuesday morning.
In early afternoon trading in London on Wednesday, the digital currency was up 6.3% in the last 24 hours at US$31,604, its highest level since Monday morning and giving it a market cap of around US$593bn.
READ: Bitcoin slips again as risk and pressures mount
Alarm bells for a possible sell-off began to ring yesterday as Bitcoin dipped below the US$30,000 level amid renewed concerns about an intensifying regulatory crackdown of cryptocurrencies across the world.
However, much like its last dip below the threshold in late June, Bitcoin recovered quickly with technical analysts now gauging the next upward resistance level at between US$32k-US$34k.
Bitcoin’s rebound also helped lift other major cryptos on Wednesday, with Ethereum up 9% at US$1,915 while XRP, also known as Ripple, climbed 6% to US$0.56.
Read more:Bitcoin price rebounds above US$30,000