Bitcoin price has increased sharply in the past 4 weeks, has reached 1.5 times the bottom
The end of 2022 is the time to witness a serious decrease of Bitcoin in particular and the crypto market in general. After a series of crises such as the collapse of LUNA, FTX… and a series of serious hacks, many investors have lost faith in the cryptocurrency market.
Not only that, many people are also worried that there will be a domino to dump Bitcoin and many other major cryptocurrencies. This pulled the price of Bitcoin – the world’s No. 1 cryptocurrency to the $15,500 mark, the lowest price since November 2020.
Contrary to the worries of the majority of investors in the market, after 6 weeks of moving sideways since the bottom, Bitcoin price has rebounded strongly in a recent month.
In the early morning hours of January 31, the Bitcoin price was recorded at $23,200. Just a few hours earlier, the Bitcoin price even approached $24,000.
Thus, since the low of $ 15,500 recorded on November 10, the price of Bitcoin has increased by about $ 8,000, 1.5 times. This is Bitcoin’s highest price in 2023 and also the highest since August 2022.
In a broader perspective, the momentum is increasing price of Bitcoin was maintained for 4 consecutive weeks. However, Bitcoin’s price range in the most recent week was smaller than in previous weeks. The reason for this is that investors are still afraid of risk, afraid that buying will be “swing to the top” when the market has not “corrected”.
There is still no clear reason for Bitcoin’s growth momentum. However, this price action contributed to the overall positive sentiment and led to the rise of the entire cryptocurrency market. The money that was withdrawn to the previous user’s personal wallet has also started returning to the exchange.
According to data from DeFiLlama, the Binance exchange is the platform that recorded the largest amount of deposits in the past 7 days, up to $ 15.6 billion. Total assets held by Binance on behalf of users has increased to $67.8 billion, on par with early December 2022, before Binance faced a barrage of negative news.
January of this year also recorded the best growth for Bitcoin compared to the same period in the past 10 years. According to statistics, February every year is usually the period when Bitcoin has a growth in value. Therefore, many investors are expecting Bitcoin’s recovery to continue.
At the beginning of February next, the US Federal Reserve (Fed) will meet and announce the first interest rate adjustment in 2023. According to experts’ forecast, the rate hike this time will fall to about 0.25 %. This is considered a low increase compared to previous interest rate hikes. When officially announced, this information is expected to have an impact on the Bitcoin price in particular and the cryptocurrency market in general.
For investors, it is necessary to be extremely cautious because Bitcoin and cryptocurrencies are assets that often have large price fluctuations. Therefore, investors need to learn carefully and equip themselves with good knowledge before participating in the potentially risky crypto market.
