Bitcoin price has extended its winning streak since the beginning of the year as bulls look to regain control of the first cryptocurrency after weeks of trading sideways. Indeed, the rise has helped Bitcoin recapture significant levels, with the currency currently trading above $18,160 as of press time, while BTC is up more than 7% weekly. In early December 2022, Bitcoin was trading at around $18,000.
BTC/USD 4-hour chart | Source: TradingView
Furthermore, the gain increased Bitcoin’s market capitalization to $349.9 billion. Notably, the Bitcoin gains constitute a nine-day jump in value, making it one of the longest winning streaks since 2021.
The inaugural cryptocurrency’s persistent upward streak has been driven by numerous causes, including the anticipated relaxation of macroeconomic conditions, which has translated into the projection of a less aggressive Federal Reserve interest hike. Notably, the Consumer Price Index (CPI) and inflation figures for the United States are predicted to be lower on January 12. Despite the gains, institutional investors such as BlackRock and Morgan Stanley are expanding their holdings of cryptocurrencies.
It’s worth mentioning that Bitcoin’s $18,000 recapture comes after the now-defunct FTX crypto exchange allegedly reclaimed $5 billion in cash and coins. The funds are expected to be used to pay creditors. Notably, the FTX crash hastened Bitcoin’s 2022 correction.
Conversely, regulatory monitoring may limit Bitcoin’s capacity to maintain its bullish position. In this vein, Michelle Bowman, a member of the Federal Reserve System’s Board of Governors, stated that occurrences like the FTX collapse show the threat of cryptocurrencies, emphasizing the need for regulation.
The one-day technical analysis of Bitcoin on TradingView has turned positive, with a summary of the indicators indicating a ‘buy’ attitude at 14. Moving averages indicate a strong buy’ at 12, while oscillators indicate a ‘neutral’ at 2.
Bitcoin technical analysis | Source: TradingView
With Bitcoin having surpassed the $18,000 mark, the commodity has the potential to recapture $20,000. In this regard, $18,000 has been a significant resistance mark for Bitcoin recently, as the asset has stabilized below $17,000.
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