Short-term Treasury Investments Dampen Bitcoin's $30K Rally Prospects

Investors are not fully confident in further price upside for Bitcoin despite its recent gains, as they are hoarding cash positions or short-term government debt instruments in anticipation of inflation or a recession. The recent rescue of Credit Suisse and the emergency credit lifeline provided by the US Treasury to protect the banking sector are not reassuring signs for financial institutions. Professional Bitcoin traders are not bullish above $26,000, and unless crypto investors regain confidence, the chances of the cryptocurrency surpassing $30,000 remain extremely remote.