After a strong week for bitcoin (BTC) and many other leading cryptocurrencies, traders are now on the lookout for indicators of what could spark the next bull run.<\/p>\n
After being battered by losses for the majority of 2022, bitcoin<\/a> and other cryptocurrencies are on the rise in 2023, leading to predictions that the so-called crypto winter has thawed.<\/p>\n Bitcoin has begun the new year on a bright note. On Saturday, Bitcoin surpassed $21,000 for the first time in 60 days. At the time of writing, BTC is trading at $21,090, up 25%<\/a> in the last seven days, data by Coingecko show.<\/p>\n If this week\u2019s US economic data shows that the Federal Reserve may be nearing the end of its interest rate hikes, the prices of major cryptocurrencies could soar.<\/p>\n Ed Moya, a senior market analyst at Oanda, wrote on Friday:<\/p>\n \u201cWall Street is very confident that the end of the central bank\u2019s tightening cycle is upon us and that is providing some underlying support for crypto.\u201d\u00a0<\/strong><\/p>\n The most recent Bitcoin rise is still a far cry from the alpha coin\u2019s November 2021 record high of $68,990. However, this has provided market participants with enthusiasm.<\/p>\n The whole cryptocurrency market lost over $1.4 trillion in value last year\u00a0because of\u00a0liquidity troubles, bankruptcies, and the collapse<\/a> of crypto exchange powerhouse,\u00a0FTX.<\/p>\n It didn\u2019t take long for the so-called \u201ccontagion\u201d to make its presence felt in all corners of the crypto market after the wave of insolvencies.<\/p>\n Bitcoin dropped to a two-year low of $15,480 as the FTX epidemic engulfed the cryptocurrency<\/a> market.<\/p>\n This spike in Bitcoin\u2019s value is likely fueled by a number of causes. There is a rising expectation among market participants that the Federal Reserve would follow a more benign monetary policy by halting interest rate hikes or decreasing rates in the near future, possibly as early as the end of this year.<\/p>\n Last year, the Federal Reserve raised interest rates seven times, sending risky assets such as equities and tech stocks to slide.<\/p>\n\n In addition, data released by cryptocurrency company Kaiko indicates rising purchasing optimism among major bitcoin purchasers, commonly known as \u201cwhales,\u201d which analysts say helps to support current high levels of demand.<\/p>\n Cryptocurrency whales, or crypto whales, are persons or organizations that possess enormous amounts of a particular cryptocurrency.<\/p>\n Meanwhile, although bitcoin has gained a nice boost at the beginning of 2023, in conjunction with risk assets as mentioned above,\u00a0market observers\u00a0say the leading coin\u00a0is unlikely to retest its all-time high of $69,000, but it may have reached a bottom.<\/p>\n Featured Image from BW Businessworld<\/em><\/p>","protected":false},"excerpt":{"rendered":" <\/p>\n After a strong week for bitcoin (BTC) and many other leading cryptocurrencies, traders are now on the lookout for indicators of what could spark the next bull run.<\/p>\n After being battered by losses for the majority of 2022, bitcoin<\/a> and other cryptocurrencies are on the rise in 2023, leading to predictions that the so-called crypto winter has thawed.<\/p>\n Bitcoin has begun the new year on a bright note. On Saturday, Bitcoin surpassed $21,000 for the first time in 60 days. At the time of writing, BTC is trading at $21,090, up 25%<\/a> in the last seven days, data by Coingecko show.<\/p>\n If this week\u2019s US economic data shows that the Federal Reserve may be nearing the end of its interest rate hikes, the prices of major cryptocurrencies could soar.<\/p>\n Ed Moya, a senior market analyst at Oanda, wrote on Friday:<\/p>\n \u201cWall Street is very confident that the end of the central bank\u2019s tightening cycle is upon us and that is providing some underlying support for crypto.\u201d\u00a0<\/strong><\/p>\n The most recent Bitcoin rise is still a far cry from the alpha coin\u2019s November 2021 record high of $68,990. However, this has provided market participants with enthusiasm.<\/p>\n The whole cryptocurrency market lost over $1.4 trillion in value last year\u00a0because of\u00a0liquidity troubles, bankruptcies, and the collapse<\/a> of crypto exchange powerhouse,\u00a0FTX.<\/p>\n It didn\u2019t take long for the so-called \u201ccontagion\u201d to make its presence felt in all corners of the crypto market after the wave of insolvencies.<\/p>\nBitcoin Could Still Climb Higher<\/strong><\/h2>\n
Whale Accumulation Boosts BTC Price<\/strong><\/h2>\n
Bitcoin Could Still Climb Higher<\/strong><\/h2>\n