Bitcoin extends gain after retaking closely watched $30,000 mark

Bitcoin regained some of its footing, climbing back above the $30,000 level that some cryptocurrency traders view as a key support level.

The largest digital currency rose as much as 3.4 per cent and was holding at about $30,800 as of 7:30 a.m. in London on Wednesday. Other cryptos advanced too, including Ether and Dogecoin, while the Bloomberg Galaxy Crypto Index was also in the green.

“The fear in the market was that if Bitcoin breaks below the $30,000 mark, the price will move lower violently,” said Naeem Aslam, chief market analyst with Ava Trade Ltd. “In reality, that is not what we have seen. The Bitcoin price has been stable, and we have not seen any panic selling.”