Bitcoin and the crypto market have had a terrific month, with BTC rallying by over 40% to unleash positive sentiments in the market.
Bitcoin is set to end January on a bullish note, with other cryptos also ending the month with positive signals. Bitcoin had crossed over $23900 but retreated to below $23000 in a late-night sell-off on January 30. The markets are upbeat for the year ahead, with a broad-based recovery after the dip in late 2022.
The global economic outlook is still uncertain, and investors are hopeful for a slower interest rate hike in the upcoming Federal Open Market Committee (FOMC) meeting on February 1. Nothing concrete could be said yet, with the meeting’s outcome likely to influence the crypto market in the short term. Investors could have booked profits due to the uncertainty of the meeting, which probably pulled BTC below $23000.
According to experts, projections for the global economy in 2023 could look better, with a looming recession and elevated inflation and interest rates. Yet, the crypto market has successfully weathered the storm in January, and the industry is hopeful for continued success in 2023.
BTC/USD 1 month price chart
Bitcoin is currently trading at around $22800 on January 31, 2023, with BTC/USD up by 0.01% in the previous 24 hours, with most other cryptos trading with downward trends in the last day. BTC/USD is trading higher above its 20-day EMA (20,457.67).