After surpassing the $17,000 resistance zone on January 9, Bitcoin continues to gain momentum in early 2023.
The World’s largest cryptocurrency by market capitalization started off the day trading at around $17,188. However, throughout the day the asset gained over 1.51% in value, reaching $17,490 at this time of writing.
The picture for BTC appears to be a lot different than it was last year. Today marked the highest in cryptocurrency in 2023, so far. Also, since the turning of the year, bitcoin picked up a 6% increase in its value, going from $16,500 to today’s $17,490.
However, BTC is still a long way from completely recovering from the losses inherited by FTX’s crisis. On November 8, Bitcoin dropped below $20,000, reaching its lowest point at $15,541 on November 21.
Bitcoin’s Strongest Upward Trend In Months
The last time BTC reached this level of price was in the second week of December 12, when the asset jumped up in price from $16,900 all the way up to $18,244 on the day after.
previous time it reached this level of value.
That market movement was a news-related pump, due to the announcement of FTX CEO Sam Bankman-Fried imprisonment. As expected, the asset did not hold on to the $18,000 level. Shortly after, bitcoin plummeted back to $16,700 and continued to trade sideways up until the end of the month.
The good news is that this time, bitcoin’s progress appears to be a lot more stable. The price has been steadily building up for 12 days. Every day, bitcoin is showing highs more valuable than the previous, indicating a strong upwards trend.
This timid upwards trend could very well be the jump start for bitcoin’s 2023 bull run. The fact that the cryptocurrency is withstanding FED’s interest-raising pressures while also picking up momentum and steadily growing in price is nothing but much-needed good news for investors.