The crypto market witnessed the continuity of BTC’s current surge, which was seen for the first time after several weeks.
The market-wide rally in the crypto markets continued on January 10, as Bitcoin and Ethereum led the rally with upward trends. After a long period of low volatility, BTC finally broke free from its trading range and rallied to cross $17000. Analysts also recognized the fact that the upcoming weeks were extremely crucial for the crypto markets because of the release of several macroeconomic reports. Weekly gains of BTC almost touched 3% while trading volumes also witnessed a big surge.
The United States witnessed a reduction in unemployment, which could have helped boost sentiments of the crypto market. Equity markets also rose at the beginning of the week, which could have also contributed to improving investors’ emotions. The U.S. CPI data will be released on January 12, which could play a huge role in the further movement of the crypto market. Analysts have predicted mixed outcomes in the report, but most have described the current green trend in BTC as a silver lining at such uncertain times.
BTC/USD price chart in 2022
Bitcoin is currently trading at around $17200 on January 10, 2023, with BTC/USD up by 0.45% in the last 24 hours. BTC/USD is trading above its 20-day EMA (16,924.96). Other altcoins mixed movements, but a further surge in BTC could also help implement a rally in several cryptos.