On January 6, Bitcoin held out strong on the $16,700 margin throughout the day.
The day started with BTC falling from $16,840 to $16,718 at its lowest point. However, the day finished strong with bitcoin bouncing back. The world’s largest crypto by market cap grew by 1.8% from its daily low, reaching $16,991 around 5:20 PM (GMT time).
Reaching that price sets the milestone as the second closest point to $17,000 BTC has been since December 16.
Ever since the beginning of the year, crypto is showing signs of a clear upward trend on the week long chart.
On January 1st, bitcoin was around $16,530. Only six days later, BTC went up by 2.7%. On January 4, the crypto also tested the $17,000 resistance margin, reaching $16,964, only thirty-six dollars short.
The fact that the asset is constantly touching the $17,000 resistance, while showing a clear positive trend day after day can indicate that sooner or later bitcoin will, in fact, surpass it.
When adding the fact that bitcoin held out strong against the most recent FED interest raise, the case for bitcoin is a lot strong in 2023.
What To Expect of The Year Before 2024’s Bitcoin Halving?
Taking the year before the last halving was 2019.
In that year, Bitcoin had a remarkably volatile year. The price of Bitcoin began the year at around $3,700 and reached a high of nearly $14,000 in June before dropping back down to around $7,000 by the end of the year.
There were several factors that influenced the price of Bitcoin in 2019, including market speculation, regulatory developments, and global economic conditions.
Overall, the price of Bitcoin saw significant fluctuations throughout the year. But ultimately, the asset had a nearly 80% increase during that time-frame.
The story repeated itself in every pre-halving year as well. In 2015, the price of Bitcoin was stable, with a few ups and downs throughout the year.
The price of Bitcoin began the year at around $314 and reached a high of around $504 in November.
There were a number of factors that influenced the price of Bitcoin in 2015, including market speculation, regulatory developments, and global economic conditions.
Despite some price fluctuations, bitcoin also ended up in the green for that year.