Bitcoin (BTC) has extended its year-to-date winning streak as bulls appear to be taking control of the premier cryptocurrency after weeks of an extended sideways trading pattern.
Indeed, the rally has spurred Bitcoin to recover key levels, trading at $18,160 at press time, while on the weekly chart, BTC is up over 7%. Bitcoin is lying last time and $ 18,000 at the beginning of 2022 months.
In addition, the modifications lead to the Bitcoin market BTC Poster North Nature to $ 349.9 billion. Clearly, Bitcoin’s value represents an increase in value over the past nine days, emerging as one of the most consistent winning patterns since 2021.
Bitcoin Benefits From a Possible Macroeconomic Contraction
The long-term positive trend of the first cryptocurrency was inspired by many factors, including the possibility of easing the conditions in the economy that led to the Federal Reserve planning a small interest rate increase. Apparently, the US consumer price index (CPI) and inflation data will come down on January 12.
Despite the gains, investors led by BlackRock and Morgan Stanley are also increasing their holdings in cryptocurrencies. It should be noted that BTC’s $18,000 recovery comes after FTX’s current crypto exchange hit $5 billion in cryptocurrency. The money should be used to pay the debts of the debtors. Apparently, the fall of FTX caused Bitcoin’s extension to extend to 2022.
On the other hand, BTC’s ability to hold a bullish position may be reduced by a possible regulatory analysis. In this line, Michelle Bowman, a member of the Board of Governors of the Federal Reserve, highlighted that things like the failure of FTX highlight the dangers of cryptocurrencies, and therefore the need for legislation .
Bitcoin Technical Analysis
One-day technical analysis of BTC on TradingView turned into a collection of observations from the opinion “buy” at 14. Averages are driven for “real buy” after 12 years, where OSCilLLA is “neutral” and 2.
From BTC crossed the level of $ 18,000, the situation open the door to work to activate $ 20,000. In this line, $18,000 has been a high level for Bitcoin in recent weeks as the asset has been tied below $17,000.