BTC crossed $21000 for the first time since November before settling above $20000.
Bitcoin continued its spirited ride in 2023, touching $21000 after a long time, though it couldn’t maintain the position. It shed a little value and settled below the mark, but analysts remain upbeat about the upcoming week as bullish sentiments have returned to the market. It pulled up the overall market capitalization of the crypto markets to over $1 trillion. January 14 marked the 11th consecutive day of BTC’s rally, while other tokens such as Ether, Dogecoin, and Cardano also registered gains.
Experts believe that the favorable inflation data arising from the United States could have played a major role in the positive emotions in the market. Good news has also emerged from the jobs front as unemployment has declined. This shows a direct link between the crypto markets and macroeconomic conditions of the world, as observed by analysts. The stock markets have also reacted positively to the recent economic reports. Softening interest rate hikes at the end of this month could further help the crypto markets.
BTC/USD 1 month price chart
Bitcoin is currently trading at around $20700 on January 15, 2023, with BTC/USD down by 1.16% in the previous 24 hours. BTC/USD is trading much higher above its 20-day EMA (17,096.46), with other cryptos also trading in green in the last few days.