- Bitcoin may soon match its historic 15-day winning streak if its upward price trend continues.
- 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.
– ₿itcoin 📄 (DocumentingBTC) January 17, 2023
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.
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.