{"id":16573,"date":"2023-01-21T14:52:52","date_gmt":"2023-01-21T18:52:52","guid":{"rendered":"http:\/\/cryptocornercafe.com\/cafe\/?p=16573"},"modified":"2023-01-21T14:52:52","modified_gmt":"2023-01-21T18:52:52","slug":"bitcoin-hits-23000-as-crypto-market-cap-revisits-1-trillion-mark","status":"publish","type":"post","link":"http:\/\/cryptocornercafe.com\/cafe\/2023\/01\/21\/bitcoin-hits-23000-as-crypto-market-cap-revisits-1-trillion-mark\/","title":{"rendered":"Bitcoin Hits $23,000 As Crypto Market Cap Revisits $1 Trillion Mark"},"content":{"rendered":"

Bitcoin, the king of cryptocurrencies, has been crossing multiple crucial resistances since the start of the year. According to CoinGecko<\/a>, the coin is now up 14% in the weekly timeframe, and trading at $23,008, making BTC break through the $22,000 and $23,000 resistance levels that have limited the crypto\u2019s ascent.\u00a0<\/p>\n

This year witnessed a complete U-turn in investor sentiment on cryptocurrencies as both Ethereum and Bitcoin reaped massive gains, along with the other top altcoins. This led to the entire crypto market to experience a resurgence in almost all aspects. <\/p>\n

At the time of writing, the current market cap of the entire cryptocurrency market is at $1.05 trillion, according to CoinMarketCap<\/a>.\u00a0<\/p>\n

Crypto Winter Thawing?<\/strong><\/h2>\n

Twitter has been very bullish since the coin broke through its latest line of barrier. Analysts<\/a> say that the break on the $23k wall will validate the entry of this year\u2019s bull market, with some even targeting $100,000, or more, in the long term.\u00a0<\/p>\n

This recent price movement led to massive liquidations of short positions on Bitcoin. There are several reasons as to why this BTC broke through $23k.\u00a0<\/p>\n

#Bitcoin<\/a> \/ $BTC<\/a><\/p>\n

When this finally breaks through, we\u2019ll see a glorious god candle to $30K<\/p>\n

Just don\u2019t think today is the day that\u2019s going to happen<\/p>\n

be careful and don\u2019t get too greedy yet friends pic.twitter.com\/22UMHUNBCv<\/a><\/p>\n

\u2014 K A L E O (@CryptoKaleo) January 20, 2023<\/a><\/p>\n

Just this few hours ago, the NASDAQ index jumped<\/a> almost 3% as tech stocks led the market rally. Bitcoin is heavily connected to the traditional financial space. This means if major indices like the NASDAQ continue to go up, Bitcoin will follow suit along with the entire cryptocurrencies.\u00a0<\/p>\n

With the broader financial space eyeing<\/a> an economic soft-landing, bullishness on both the crypto and stock market will continue as the situation improves. December\u2019s<\/a> Consumer Price Data (CPI) contributed to the optimistic mood.<\/p>\n

What\u2019s Next For The Alpha Coin?<\/strong><\/h2>\n

Bitcoin\u2019s price movement is expected to slow down a bit in the short term, some analysts said, as the next target will be $30k in the coming weeks or months.<\/p>\n

At the time of writing, the Bitcoin bulls should try and consolidate above its current support at $22,661 which will be retested by the bears in the next few days as $23,328 resisted today\u2019s bullishness.<\/p>\n\n

Investors and traders should also keep an eye on consolidation for now as market momentum might slow down. Bitcoin\u2019s halving \u2013 an event that would cut the total supply of the coin in the market \u2013 would also place upward pressure as it happens.\u00a0<\/p>\n\n

Bulls should also keep tabs of the current situation in the traditional financial space. With the coin\u2019s high correlation<\/a> with the stock market, Bitcoin\u2019s future will be reliant on the movement of the stock market along with improving macroeconomic trends.\u00a0<\/p>\n

For now, Bitcoin holders should have enough strength to consolidate and target $24.5k and $25k resistances.\u00a0<\/p>\n

Featured image by Helvetia<\/em><\/p>","protected":false},"excerpt":{"rendered":"

<\/p>\n

Bitcoin, the king of cryptocurrencies, has been crossing multiple crucial resistances since the start of the year. According to CoinGecko<\/a>, the coin is now up 14% in the weekly timeframe, and trading at $23,008, making BTC break through the $22,000 and $23,000 resistance levels that have limited the crypto\u2019s ascent.\u00a0<\/p>\n

This year witnessed a complete U-turn in investor sentiment on cryptocurrencies as both Ethereum and Bitcoin reaped massive gains, along with the other top altcoins. This led to the entire crypto market to experience a resurgence in almost all aspects. <\/p>\n

At the time of writing, the current market cap of the entire cryptocurrency market is at $1.05 trillion, according to CoinMarketCap<\/a>.\u00a0<\/p>\n

Crypto Winter Thawing?<\/strong><\/h2>\n

Twitter has been very bullish since the coin broke through its latest line of barrier. Analysts<\/a> say that the break on the $23k wall will validate the entry of this year\u2019s bull market, with some even targeting $100,000, or more, in the long term.\u00a0<\/p>\n

This recent price movement led to massive liquidations of short positions on Bitcoin. There are several reasons as to why this BTC broke through $23k.\u00a0<\/p>\n

#Bitcoin<\/a> \/ $BTC<\/a><\/p>\n

When this finally breaks through, we\u2019ll see a glorious god candle to $30K<\/p>\n

Just don\u2019t think today is the day that\u2019s going to happen<\/p>\n

be careful and don\u2019t get too greedy yet friends pic.twitter.com\/22UMHUNBCv<\/a><\/p>\n

\u2014 K A L E O (@CryptoKaleo) January 20, 2023<\/a><\/p>\n

Just this few hours ago, the NASDAQ index jumped<\/a> almost 3% as tech stocks led the market rally. Bitcoin is heavily connected to the traditional financial space. This means if major indices like the NASDAQ continue to go up, Bitcoin will follow suit along with the entire cryptocurrencies.\u00a0<\/p>\n

With the broader financial space eyeing<\/a> an economic soft-landing, bullishness on both the crypto and stock market will continue as the situation improves. December\u2019s<\/a> Consumer Price Data (CPI) contributed to the optimistic mood.<\/p>\n

What\u2019s Next For The Alpha Coin?<\/strong><\/h2>\n

Bitcoin\u2019s price movement is expected to slow down a bit in the short term, some analysts said, as the next target will be $30k in the coming weeks or months.<\/p>\n

At the time of writing, the Bitcoin bulls should try and consolidate above its current support at $22,661 which will be retested by the bears in the next few days as $23,328 resisted today\u2019s bullishness.<\/p>\n

Investors and traders should also keep an eye on consolidation for now as market momentum might slow down. Bitcoin\u2019s halving \u2013 an event that would cut the total supply of the coin in the market \u2013 would also place upward pressure as it happens.\u00a0<\/p>\n

Bulls should also keep tabs of the current situation in the traditional financial space. With the coin\u2019s high correlation<\/a> with the stock market, Bitcoin\u2019s future will be reliant on the movement of the stock market along with improving macroeconomic trends.\u00a0<\/p>\n

For now, Bitcoin holders should have enough strength to consolidate and target $24.5k and $25k resistances.\u00a0<\/p>\n

Featured image by Helvetia<\/em><\/p>\n

<\/p>\n","protected":false},"author":0,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"colormag_page_layout":"default_layout","_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[82],"tags":[],"class_list":["post-16573","post","type-post","status-publish","format-standard","hentry","category-blockchain"],"jetpack_featured_media_url":"","jetpack_sharing_enabled":true,"_links":{"self":[{"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/posts\/16573","targetHints":{"allow":["GET"]}}],"collection":[{"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/types\/post"}],"replies":[{"embeddable":true,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/comments?post=16573"}],"version-history":[{"count":0,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/posts\/16573\/revisions"}],"wp:attachment":[{"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/media?parent=16573"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/categories?post=16573"},{"taxonomy":"post_tag","embeddable":true,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/tags?post=16573"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}