Bitcoin in a bullish streak in January 2023: All the positives for the king coin so far

  1. Bitcoin may soon match its historic 15-day winning streak if its upward price trend continues.
  2. Around the $21,450 and $21,500 levels, bitcoin appears to be facing a major hurdle.

If the upward price trend continues, the number one cryptocurrency in the world is Bitcoin [BTC], would soon match their historic 15-day winning streak. The longest price swing in Bitcoin history occurred in November 2013 and lasted 15 days.

Now, a decade later, BTC is on the verge of breaking the 2013 record, as Coin King was 14 days into its winning streak at press time. Accordingly arrived Four months peak.

Additionally, with the price of the leading cryptocurrency surging from the $16,000 level in December 2022 to $21,000 at press time, major bitcoin investors have pocketed $4.4 billion from the asset.

What is happening around bitcoin?

Bitcoin Shark addresses range from 10-100 BTC each The first to start stocking. They added 105,600 coins worth more than $2.2 billion in just 10 weeks and stopped BTC’s drop by about $16,000.

Then, as the cryptocurrency’s price recovered to $18,000 over the next eight weeks, smaller bitcoin whales bought about 67,000 bitcoins, for more than $1.4 billion. The price of the cryptocurrency then soared to $21,000 as larger whales amassed $37,100 in bitcoin — worth over $800 million at the time of writing — in just 10 days.

The price of Bitcoin has gained about 25% over the past seven days, largely due to increasing investor optimism that inflation is declining and the economy will quietly decline.

The fight over prices continues

The $21,500 barrier area saw an attempted bullish breakout for bitcoin price. However, BTC cannot accelerate beyond the $21,500 area. The price peaked around $21,679 and is currently declining gradually. On the hourly chart of the BTC/USD pair, a noticeable bullish trend line with support near $21,100 has been broken.

Bitcoin price could continue lower if it cannot overcome the resistance at $21,500. On the downside, there is an almost immediate support in the $21,100 area.

Near the $20,900 area, the 100 hourly SMA is the next important support. Currently, the main support is building near the $20,500 mark, below which the price could quickly drop to $20,000, and the cost could reach $19,500 if there are more losses.

Source: TradingView

It makes sense that the FTX crisis caused Bitcoin stock correlation to drop. It was a local event that had a huge impact on cryptocurrency prices.

But the fact that it not only restarted, but then reached an all-time high, says two things: It indicates that Bitcoin may be able to quickly overcome the collapse of FTX. It practically showed up as a picture on link charts. In general and in the long run, Bitcoin is bullish. The markets realize that Alameda-FTX, not Bitcoin, is responsible for the crash.

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