Bitcoin hits $23,000 as crypto market cap revisits $1 trillion mark

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Bitcoin, the king of cryptocurrencies, has broken through multiple crucial resistances since the start of the year. According to CoinGecko, the coin is now up 14% on the weekly timeframe and trading at $23,008, allowing BTC to break through the $22,000 and $23,000 resistance levels that limited the ascent of crypto.

This year has witnessed a complete turnaround in cryptocurrency investor sentiment as Ethereum and Bitcoin reaped massive gains, along with the other major altcoins. This has led the entire crypto market to experience a resurgence in almost every aspect.

As of this writing, the current market capitalization of the entire cryptocurrency market is $1.05 trillion, according to CoinMarketCap.

Crypto winter thaw?

Twitter has been very bullish since the coin broke its last barrier line. Analysts say the breakout of the $23,000 wall will validate entry into this year’s bull market, with some even targeting $100,000 or more in the long term.

This recent price movement has led to massive liquidations of short Bitcoin positions. There are several reasons why this BTC broke through $23,000.

#Bitcoin / $BTC

When it finally pops, we’ll see a glorious divine $30,000 candle

Don’t think today is the day that will come

be careful and don’t get too greedy yet friends pic.twitter.com/22UMHUNBCv

KALEO (@CryptoKaleo) January 20, 2023

Just hours ago, the NASDAQ index jumped almost 3%, with tech stocks leading the market rally. Bitcoin is strongly tied to the traditional financial space. This means that if major indices like the NASDAQ continue to rise, Bitcoin will follow along with all cryptocurrencies.

As the broader financial space contemplates a soft landing for the economy, the bullish trend in both crypto and the stock market will continue as the situation improves. December consumer price (CPI) data contributed to the optimism.

Image: Crypto News What’s next for Alpha Coin?

Bitcoin price movement is likely to slow down a bit in the near term, some analysts said, as the next target will be $30,000 in the coming weeks or months.

As of this writing, Bitcoin bulls are likely to try to consolidate above its current support at $22,661 which will be retested by bears in the coming days as $23,328 resisted today’s uptrend. today.

Chart: Tradingview

Investors and traders should also keep an eye on consolidation for now as market momentum may slow. Bitcoin halving an event that reduces the total supply of the coin in the market would also exert upward pressure over time.

Total BTC Market Cap at $442 Billion on Weekend Chart | Chart: TradingView.com

The bulls should also keep an eye on the current situation in the traditional financial space. With the coin’s high correlation with the stock market, the future of Bitcoin will depend on the movement of the stock market as well as improving macroeconomic trends.

For now, Bitcoin holders should have enough strength to consolidate and target resistances at $24.5,000 and $25,000.

Image selected by Helvetia

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