Bitcoin's price is continuing its upward trajectory, catching many bears off guard during the weekend.

As of the time of writing, BTC has gained 2.1% for the day, trading above the crucial psychological and resistance level of $30K. It's worth mentioning that this week isn't the first time Bitcoin has attempted to breach the $30K mark.

On October 16th, due to false reports of an approved spot Bitcoin ETF, the BTC price surged to approximately $30K on Binance. However, once the reports were confirmed as fake, the market swiftly corrected itself.

Just two days later, Bitcoin's price once again surged to $30K but couldn't maintain itself above this critical level.

At the moment, BTC is trading at $30,101, up 2% for the day and 12% for the week. The increase doesn't appear to be linked to any specific reason, but the broader market sentiment regarding the potential approval of a spot BTC ETF by the United States Securities and Exchange Commission could be a contributing factor.

The total trading volume remains relatively low at around $34 billion over the past 24 hours, according to CoinGecko data. The rest of the market is also performing well, with ETH showing a 1.6% gain in the past day.

Data from Coinglass indicates that over the past day, liquidated derivatives positions amounted to a total of $68 million.

This article was originally published on CryptoPotato.