For those asking “how will bitcoin in 2023 perform?” The world’s largest cryptocurrency by market capitalization really started off 2023 on the right foot.
On Sunday, January 8, bitcoin surpassed the $17,000 mark for the first time since December 16, according to CoinMarketCap.
As mentioned in the previous BTC analysis, the fact that the fan-favorite cryptocurrency continued to trade laterally, even despite the negative pressure from the FED’s most recent interest rate rise, could indicate that bitcoin was in fact picking up momentum in order to surpass the $17,000 resistance zone.
At this time of writing, BTC is trading at around $17,197. However, the leading digital asset reached $17,383 at today’s all-time high.
December’s U.S. Job Report Is a Big Win For Riskier Assets
The most recent report about the labor market and industrial activity in the United States, released last week played a huge part in bitcoin’s recovery.
The American economy generated new jobs at an adequate rate. Overall, 223,000 jobs were added in December, according to the labor department.
This report indicates that, while U.S. interests are the highest in the decade, the rigorous methodology implemented by the FED did not affect the job market.
With interest high, consumers had to change their spending habits, in order to keep the economy running without harshly affecting the labor market.
Furthermore, this latest result paves the way for investors to invest in riskier assets like crypto and stock.
In the case that in the near future, these numbers continue to play in favor of the U.S. Economy, interest rates will eventually come back down, creating a level playing field for
Bitcoin in 2023
After a very harsh 2022, bitcoin found in January of 2023 a much-needed break from all the problems that eventually made the cryptocurrency fall by over 90% since its all-time high.
This year is particularly a positive one for those looking to invest in bitcoin. 2023 is the year prior to the much-awaited bitcoin halving. When taking similar years in comparison, the price of the token always ended up positive.