BTC touched $19000 for a brief period before settling below the mark.
Bitcoin has been unstoppable since it crossed $17000 as it continued to rally without any roadblocks. A few experts had predicted a short rally, but the crypto markets have pleasantly surprised all stakeholders. BTC has pulled up the entire crypto market, helping its total market capitalization cross $900 billion. Among other altcoins, ETH also traded upward, about 5% higher, just above $1400. Polkadot, Solana, Polygon, and many other cryptos registered gains in the last 24 hours.
Since 2020, this was the first time Bitcoin had rallied continuously for so many days, with a streak of 9 days. Long-term investors seem to have participated in the rally in large numbers, with sentiments improving over the last week. Good news has also emerged from the United States inflation data, where the latest CPI data announced that inflation levels for December 2022 had decreased to 6.5% from the highs of 7.1% in November 2022. This could indicate ease in the interest rate hikes, which are slated to be announced at the end of January.
BTC/USD 1 month price chart
Bitcoin is currently trading at around $18800 on January 13, 2023, with BTC/USD down by 0.10% in the previous 24 hours. BTC/USD is trading much higher above its 20-day EMA (17,047.28), with other cryptos also moving upward in the last few days.