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Bitcoin on a bullish streak in January 2023: All that’s positive for the king coin so far

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Bitcoin on a bullish streak in January 2023: All that's positive for the king coin

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  1. Bitcoin may shortly match its historic 15-day winning streak if its upward price trend persisted.
  2. Around the $21,450 and $21,500 levels, Bitcoin appeared to come up against a significant obstacle.

If its upward price trend continues, the first cryptocurrency in the world, Bitcoin [BTC], will soon match its historic 15-day winning run. The longest price change in Bitcoin’s history occurred on November 2013, lasting for 15 days.

Now, a decade later, BTC was close to breaking its 2013 record, as the king coin was 14 days into its winning streak at press time. Consequently, it reached four-month highs.

In addition, as the price of the leading cryptocurrency soared from the $16,000 level seen on December 2022 to its $21,000 press time mark, major investors of Bitcoin gathered $4.4 billion worth of the asset.

What is happening around Bitcoin?

Bitcoin shark addresses holding between 10 – 100 BTC were the first to start stockpiling. They added 105,600 coins worth more than $2.2 billion in just 10 weeks and stopped the decline of BTC by around $16,000.

Then, as the price of the cryptocurrency recovered to trade at $18,000 over the following eight weeks, smaller Bitcoin whales bought about 67,000 BTC, amounting to more than $1.4 billion. The price of the cryptocurrency then rose to $21,000 as larger whales gathered 37,100 $BTC—worth more than $800 million at the time of writing—in just 10 days.

BTC has increased by about 25% over the last seven days, largely due to growing investor optimism that inflation is declining and the economy will fall softly.

The price struggle continues

The $21,500 barrier area saw an attempt at an upside break in the price of bitcoin. BTC, however, could not accelerate past the $21,500 region. The price has reached a high of around $21,679 and is currently gradually falling. On the hourly chart of the BTC/USD pair, a significantly bullish trend line with support close to $21,100 was broken.

The price of bitcoin may continue to decline if it was unable to overcome the $21,500 resistance. On the downside, there is near-immediate support in the $21,100 region.

Near the $20,900 zone and the 100 hourly SMA is the next significant support. Currently, the major support is building near the $20,500 mark, below which the price might quickly decline to $20,000. The cost could reach $19,500 if there are any additional losses.

Source: Trading View

It makes sense that the FTX crisis caused the correlation between Bitcoin stocks to decline. It was a localized occurrence that had a significant impact on the price of cryptocurrencies.

But the fact that it not only started again but then reached a record high tells two things: It suggests that Bitcoin might be able to quickly overcome the FTX crash. That practically appeared as a blip on the correlation charts. So, generally, and over the long haul, Bitcoin is bullish. Markets are aware that Alameda-FTX, not Bitcoin, was to blame for the incident.

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Saman Waris works as a News Editor at AMBCrypto. She has always been fascinated by how the tides of finance and technology shape communities across demographics. Cryptocurrencies are of particular interest to Saman, with much of her writing centered around understanding how ideas like Momentum and Greater Fool theories apply to altcoins, specifically, memecoins. A graduate in history, Saman worked the sports beat before diving into crypto. Prior to joining AMBCrypto 2 years ago, Saman was a News Editor at Sportskeeda. This was preceded by her stint as Editor-in-Chief at EssentiallySports.
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