After months of bear market sluggishness, the cryptocurrency market has decided to start 2023 on a good note. Bitcoin (BTC) continues the days in the green with a fresh +12% rally yesterday, dragging all the altcoins behind. When will this increase stop?
The crypto market is exploding
More often than not, the cryptocurrency market knows how to be unpredictable. After a week of extraordinary growth, Bitcoin (BTC) price gave us a bullish run again. The king of cryptocurrencies closed yesterday with a positive of 5.8% and started on Saturday, January 14th Huge bullish candle +6% in 1 hour.
The market begins Seventh day in a row green, which is an impressive precedent for several months. But in the first place, Bitcoin price reached $21,500 overnighta token level that has not been revisited since the beginning of November and the FTX issue.
Bitcoin price evolution in daily timeline
Altcoins clearly followed suit. Solana’s SOL ended the day up more than 31% and posted An increase of 72% this week. As for Avalanche (AVAX), the timing of announcing its partnership with Amazon was excellent because it enabled it to Estimated +51% in 7 days.
Other assets also display similar, if not more exceptional finesse: Decentraland (MANA) at +85%, Aptos (APT) at +106%, Curve (CRV) at +50%, Gala (GALA) at +120%… In short, a performer worthy of a bull market.
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Beware of potential correction
Although this succession of green candles can be appreciated, You still have to be careful. The general trend in the cryptocurrency market is still bearish and there is no indication that we have exited the bear market. even if, This rally is usually accompanied by a downward correction.
However, the cryptocurrency market knows how to be surprising and difficult to tame. This week, each upward movement was punctuated by a small sideways movement that lasted a few hours, Encouraging traders to sell (betting) before the market goes up again.
As this data from Coinglass shows, The cryptocurrency market saw liquidations worth $721 million Within 24 hours, a record since November 8, 2022 and the announcement of FTX’s bankruptcy:
Liquidations in the cryptocurrency market
Of course, we don’t have a crystal ball, however It is very likely that you will see Bitcoin correct this strong bullish move. In addition, technical analysis shows us that the price is moving under many resistances. In short, caution is in order.
👉 Find our technical analysis for Friday, January 13th
Vincent Ganne analyzes the cryptocurrency markets every day in our Premium Collection
Sources: TradingView, Coinglass
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Lillian Aliaga
323 issues
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