Bitcoin skyrocketed to 21,000 USD on the day Apple returned to heaven
Right on the day Mr. Tao returned to heaven, the crypto market recorded great fluctuations. Accordingly, on the morning of January 14, the world’s largest cryptocurrency reached $21,258, the highest since the beginning of 2023.
Opening the daily “candle” at $19,900, Bitcoin price quickly broke through $20,000, then $21,000 with an upright green candle. The price correction was only temporarily halted before $21,500 – one of the key resistance levels.
If the $21,500 level breaks and a new high is formed, Bitcoin will officially switch from a downtrend to an uptrend on the daily timeframe. After a strong increase in the early hours of the morning, the Bitcoin price has now made a slight correction and fluctuated past the $21,000 mark.
Bitcoin’s upward momentum has been maintained continuously for the past 14 days. As a result, the Bitcoin price was pushed from the $16,500 mark to $21,258, an increase of nearly $5,000. This is also the highest price set for Bitcoin since November 6, 2022.
Along with Bitcoin’s price increase, the crypto market is also in the green at the moment as many altcoins (cryptocurrency other than Bitcoin) recorded gains of more than 10% in just the last 24 hours.
The price of Ethereum (ETH) – the world’s second largest cryptocurrency by total market capitalization has increased to nearly $ 1,600, close to the price area before the crash of FTX. Solana (SOL) – one of the cryptocurrencies hardest hit by the FTX incident also increased by 25%, to $22.8. Currently, Solana’s price has nearly tripled from the bottom price of 8 USD at the end of December.
Along with the sudden increase in Bitcoin’s price, according to Coinglass data, in the last 12 hours, more than 500 million USD of futures (Future) trading orders were liquidated on cryptocurrency exchanges.
The exact cause of Bitcoin’s shock price increase is still unknown. However, the recovery of the market crypto stemming from the Consumer Price Index (CPI) in the US continuously decreased and reached the lowest level since October 2021.
Before this news, the market is expecting that the US Federal Reserve (Fed) will be pressured to slow down the rate of interest rate hike, causing the dollar to weaken again against other assets.
Besides the positive situation from the US financial market, another important reason that may affect investors’ sentiment is the gradual reopening of China to the world. This is expected to have a positive impact on the global economy soon.
