the crypto market continues to explode

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After months of sluggish bear market, the cryptocurrency market has decided to start the year 2023 on a high note. Bitcoin (BTC) continues the days in the green with a new rise of +12% yesterday, dragging all the altcoins behind it. When will this increase stop?

https://cryptoast.fr/bitcoin-raise-28-semaine-marche-crypto-continue-exploser/

The crypto market is exploding

As often, the cryptocurrency market knows how to be unpredictable. After a week of exceptional rise, the price of Bitcoin (BTC) has once again offered us a bullish rally. The king of cryptocurrencies closed the day yesterday positive by 5.8% and started this Saturday January 14 with a huge bullish candle of +6% in one hour.

The market therefore starts a seventh day in a row in the green, a great first for several months. But above all, Bitcoin hit $21,500 overnight, a symbolic level not seen since the start of November and the FTX affair.

Evolution of Bitcoin price in daily time scale

Altcoins obviously followed suit. Solana’s SOL ended the day up over 31% and is up 72% this week. As for Avalanche (AVAX), the timing of the announcement of its partnership with Amazon was excellent since it allowed it to appreciate by +51% in 7 days.

Other assets are also showing similar, if not even more exceptional, prowess: Decentraland (MANA) +85%, Aptos (APT) +106%, Curve (CRV) +50%, Gala (GALA) +120%. In short, performance worthy of a bull market.

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Beware of a potential correction

Although this succession of green candles is appreciable, we must still be careful. The general trend in the cryptocurrency market remains bearish and there is no indication that we have exited the bear market. Even so, such a rise is usually accompanied by a bearish correction.

However, the cryptocurrency market can be surprising and difficult to tame. This week, each bullish move was punctuated by a small sideways movement lasting a few hours, prompting traders to short (bet down) before the market moved higher.

As this data from Coinglass shows, the cryptocurrency market saw $721 million in liquidations in 24 hours, a record since November 8, 2022 and the announcement of FTX’s bankruptcy:

Liquidations in the cryptocurrency market

We obviously do not have a crystal ball, but it is very likely that Bitcoin will correct this strong bullish movement. Moreover, the technical analysis shows us that the price evolves under many resistances. In summary, caution is in order.

Find our technical analysis of Friday, January 13

Vincent Ganne analyzes the crypto markets every day on our Premium group

Sources: TradingView, Coinglass

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