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BTC surges near $18,300

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BTC surges near $18,300

BTC surges near $18,300 Mike Dalton · 36 mins ago · 1 min read

The price of Bitcoin rose 4.2% in about two hours to reach $18,287.

1 min read

Updated: January 12, 2023 at 2:26 am

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Cover art/illustration via CryptoSlate

Bitcoin prices surged 4.2% in a matter of hours on Jan. 12.

At 11:00 p.m. UTC, Bitcoin was priced at $17,548. At 1:00 a.m. UTC, the asset was worth $18,287. Prices began to decline shortly after that high point, though at this early stage, it is unknown what Bitcoin’s long-term price trend may look like.

Bitcoin prices via Coingecko (times in PST)

It is not clear why Bitcoin prices rose so suddenly, as no major no notable events or announcements occurred at the time of the price surge.

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Investors may have instead purchased Bitcoin in anticipation of upcoming events, such as expected announcements related to the Consumer Price Index (CPI). December’s CPI data had a similar effect on prices last month, albeit after the fact.

The sudden change may also be due to the actions of large holders or “whales,” in which case Bitcoin’s surge would have the result of individual trading decisions ⁠— as opposed to any major events that might have a broad effect on the market.

Bitcoin’s 4.2% price gain over the past few hours accounts for more than its overall 24-hour price gain of 4.1% today.

Furthermore, Bitcoin’s strong performance appears to have brought much of the crypto market up with it. The entire crypto market cap is up 3.3% over the past 24 hours, while Ethereum is 4.9% over the past 24 hours.

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Analysis

Bitcoin liquidations in last 24 hours top $160M

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Bitcoin liquidations in last 24 hours top $160M

Bitcoin liquidations in last 24 hours top $160M Zeynep Geylan · 25 mins ago · 1 min read

Data shows that a total of $160.7 million worth of BTC got liquidated in the last 24 hours.

1 min read

Updated: January 30, 2023 at 10:06 pm

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Cover art/illustration via CryptoSlate

The third most significant long Bitcoin (BTC) liquidation of 2023 occurred on Jan. 30, as over $160 million worth of BTC were liquidated in the last 24 hours, according to CoinGlass data.

At the time of writing, data shows that a total of $160.69 million worth of BTC got liquidated in the last 24 hours. This amount includes the 15 million long BTC liquidation recorded today, which marks the third-largest long BTC liquidation of 2023, according to CryptoQuant.

BTC Long Liquidations (Source: CryptoQuant)

The first and second largest long BTC liquidations of the year were recorded on Jan. 19 and Jan. 15, with over 20 million and 16 million, respectively.

A similar movement in BTC liquidations was also recorded on Jan. 25, when the price of BTC breached $23,000, and total liquidations breached $200 million in 24 hours.

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BTC is being traded for around $22,740 at the time of writing.

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Analysis

Bitcoin closes 4 consecutive weekly green candles for first time since August 2021

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Bitcoin closes 4 consecutive weekly green candles for first time since August 2021

Bitcoin closes 4 consecutive weekly green candles for first time since August 2021 Liam ‘Akiba’ Wright · 2 hours ago · 2 min read

The longest bear in Bitcoin history or a perfectly timed bottom from past halving cycle trends.

2 min read

Updated: January 30, 2023 at 2:18 pm

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Cover art/illustration via CryptoSlate

Bitcoin closed the week strongly with a fourth consecutive green candle for the first time since August 2021. Four weeks of positive momentum during a bear market is extremely rare.

The last time printed four consecutive green candles during a bear market was during the COVID-19 crash recovery of May 2020. Prior to that, any time four weekly candles closed green during a bear market, the bottom of the cycle had already been made.

BTC-USD

However, following the weekly close, Bitcoin did begin a retracement, with the price down 3.6% from the local high as of press time.

Bitcoin soared to $24,000 over the weekend as it made a second attempt to break the resistance level which has held since August 2022. However, as of press time, it has fallen to around $23,000, signaling a weekly red candle.

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Further, the weekly candle also marked a higher high on the chart as Bitcoin continues its upward momentum. The year-to-date chart below illustrates Bitcoin’s strong start to 2023.

Year to date BTC-USD

Throughout Bitcoin’s history, four green weekly candles have never been followed by a new cycle low during similar times in the having cycle. For example, Jan 30 is 994 days since the last halving in May 2020, and previous cycle lows came after 994 days in 2015 and 889 days in 2018. The current cycle’s low came 924 days after the last halving, which lies within the historical range.

Therefore, either Bitcoin’s low this cycle has been and gone at $15,530, or this is the longest bear market in Bitcoin’s history. Moreover, an uncertain global macroeconomic environment looms over the financial sector, with Bitcoin primed for its first test of a potentially deflationary world economy.

At the time of press, Bitcoin is ranked #1 by market cap and the BTC price is down 1.73% over the past 24 hours. BTC has a market capitalization of $446.36 billion with a 24-hour trading volume of $26.74 billion. Learn more ›

BTCUSD Chart by TradingView

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Bitcoin On-Chain Analysis

Market summary

At the time of press, the global cryptocurrency market is valued at at $1.05 trillion with a 24-hour volume of $55.09 billion. Bitcoin dominance is currently at 42.50%. Learn more ›

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Investments

Crypto investment products see weekly inflows of $117M, highest since July 2022

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Crypto investment products see weekly inflows of $117M, highest since July 2022

Crypto investment products see weekly inflows of $117M, highest since July 2022 Monika Ghosh · 1 hour ago · 1 min read

Bitcoin has emerged as an investor favorite as BTC investment products saw inflows of $116 million over the past seven days.

1 min read

Updated: January 30, 2023 at 1:50 pm

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Cover art/illustration via CryptoSlate

Amid investor sentiment signaling ‘greed,’ cryptocurrency investment products saw weekly inflows of $117 million last week — the highest since July 2022, according to a CoinShares report. Investors are almost solely focusing on Bitcoin, which saw inflows of $116 million.

Total assets under management (AuM) of investment products increased 43% from November lows to $28 billion. The trading volume of investment products also improved to $1.3 billion in the week of Jan. 23 — up 17% compared to the year-to-date average. Comparatively, the average weekly volumes in the larger crypto market jumped by 11%.

Germany accounted for 40% of all inflows last week at $46 million. Canada, the U.S., and Switzerland saw inflows of $30 million, $26 million, and $23 million respectively.

Multi-asset investment products kept losing money for the ninth consecutive week. Last week, outflows totaled $6.4 million, although CoinShares noted that investors are selectively quitting certain investments. This is because while Solana, Cardano, and Polygon saw inflows, Bitcoin Cash, Stellar, and Uniswap experienced minor outflows.

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Posted In: Bitcoin, Bitcoin Cash, Cardano, Polygon, Solana, Stellar, Uniswap, Canada, Germany, Switzerland, U.S., Investments, Trading

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