Bitcoin continues its upward run, surpassing the $20,000 mark, marking the best start to a year in cryptocurrency history. What to expect now?
Since January, the Bitcoin price has increased by more than 30%, to the surprise of many traders. This actually represents the best start of the year in the history of BTC. Many cryptoassets, ETFs related to the cryptocurrency industry, and mining company stocks did in fact record big price increases.
Bitcoin: A record start to 2023
in fact it was a totally unexpected reboot for most market players. This is demonstrated by the fact that short salethe number of liquidated short positions in the decentralized derivatives marketwent through a record increase in recent weeks. Simply put, short traders were forced by exchanges to close your positions.
This could prove in part the abnormal restart of the crypto sector, which grew more than proportionally compared to other asset classes. In fact, the end of the flow doesn’t seem to have arrived yet. bad news about cryptocurrencies. US regulators are suing genesis AND Twins for illegally raising billions of dollars from thousands of investors. At the same time, many companies in the sector have cut more than 1,600 jobs since the beginning of the year: this is the case with Crypto.com, Coinbase Global Inc., Blockchain.com and Genesis.
Crypto market: here are some BTC price anomalies
This year the best performing ETFs they all are related to the world of cryptocurrencies. In fact, the shares of some companies related to the decentralized sector rose even more than many cryptocurrencies: digital marathon for example, he won more than 130% from the beginning of 2023. On the other hand, it seems to be the correlation with the technology sector has ceased USA marking an important statistical anomaly. Even the recent retraction of the stock exchanges does not seem to have been shared by the cryptocurrency sector, which closes the week of shares over $22,000.
The next level of attention is definitely the number of $24,000 used in July 2022 as resistance to price increases. Level volumetric there are interesting considerations to make: the Minimum of November placed on the threshold of $16,000 represents the POCin other words, the area with the greatest volumetric impact in recent trading months.
Therefore, it is conceivable that strong hands predominantly took positions in this price range. Surprisingly, however, the level of $20,000 it is devoid of volumetric significance. In fact, the price dropped to $22,000 hassle free and that is why many traders already give to assumed that the next resistance will be reached for the price of BTC.
Moving on to the daily timeframe, however, it is possible to notice how it is graphically resistance to price increases there may also be at the level of $22,000.
BTC/USD – 1D
Source: Money It