Bitcoin Pushes Higher as ‘Bullish Momentum’ Building After Dismal January

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Bitcoin and other cryptocurrencies were rising Tuesday, pushing higher after many digital coins suffered through a dismal January.

Bitcoin has risen 2.7% over the past 24 hours to $38,190, according to CoinDesk. Including Tuesday’s gains, the world’s largest cryptocurrency has declined 16.9% so far in 2022.

The losses in January for Bitcoin amounted to more than 18%. It traded higher only about a dozen days during January, according to Bloomberg. The second-largest cryptocurrency by market value, Ether, has declined about 30% since the end of December.

Ether has gained 7.6% to $2,735 over the past 24 hours, according to CoinDesk.

Bitcoin fell to as low as $33,000 in January, well off its all-time high of $68,990 reached in early November. Bitcoin’s start to the year was its worst since a decline of 29% in 2018, Bloomberg reported.

But Edward Moya, an analyst at broker Oanda, said he sees “bullish momentum” for Bitcoin “slowly building up” and says the crypto “could surprise to the upside if the dollar continues to weaken as much of the [Federal Reserve] tightening for the year begins to get priced in.

“Bitcoin’s most likely scenario is to continue to consolidate here, but if risk appetite remains firm in February, a lot of money on the sideline is ready to pounce.”

Write to Joe Woelfel at [email protected]

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