BTC has moved upwards steadily, showing positive signs of crossing $17000 soon.
After weeks of stagnancy trading in a tight range, Bitcoin ended the first week of January on a positive note as it came closer to $17000. Analysts maintained the positive calls of a rally if it breached the $17000 mark. Some altcoins also witnessed minimal gains, while others continued to trade sideways. All eyes are set on the upcoming week as investors hope to participate in a BTC relief rally devoid of the markets for a long time.
On the macroeconomic front, the consumer price index (CPI) data is expected to be released soon in the United States. The data is of utmost importance, and a favorable report may help ignite positive sentiments in the market. According to some traders, decreasing inflation could also make BTC touch highs of $19000. Liquidity in the markets is an important factor for a bull run, but such a position could be absent from the markets due to further tightening expected throughout 2023.
BTC/USD price chart in 2022
Bitcoin is currently trading at around $16900 on January 8, 2023, with BTC/USD down by 0.01% in the last 24 hours. BTC/USD is trading above its 20-day EMA (16,917.56) after a long time. Though the same fears of recession and high inflation continue to loom over 2023, long-term investors have maintained a positive signal for BTC, hoping for a better year compared to 2022.