Bitcoin Rises Above $18K To Cap An 8-Day Winning Streak

Bitcoin Rises Above $18K To Cap An 8-Day Winning Streak
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bitcoin (BTC) has recorded eight straight days of rising prices and is back above $18,000 for the first time since mid-December.

The cryptocurrency had not posted such a continuous winning streak since July 2021, at the height of the COVID-19 pandemic.

Bitcoin seven day price chart. Picture: CoinMarketCap

Over the past seven days, the BTC price has risen nearly 8%, with it rising 4.1% in the past 24 hours as of this writing.

Cointelegraph analysts predicted in January On January 11, Bitcoin could rally to $18,000 and that its price move upwards would put pressure on $275 million in weekly options expiring on January 1. 13 with bets placed at $16,500 and under.

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The CEO of hedge fund Moskovski Capital, Lex Moskovski, tweeted an image on January 1. 11 showing $86 million in Bitcoin shorts were “really getting smoked”.

The price of BTC fell nearly 65% ​​during 2022. The broader crypto market also faced headwinds as a result of numerous bankruptcies and crashes in the space in the same year, including FTX crypto exchangethe second largest exchange at the time of its bankruptcy.

On Jan 11, FTX said it had recovered $5 billion in cash and cryptocurrencies that it can sell to pay its creditors, a move that some say could form a bullish narrative if FTX clients are paid.

The exchange also found a number of cryptocurrencies that it says will be harder to sell as the markets for those assets are illiquid.

related: From Bernie Madoff to Bankman-Fried: Bitcoin Maximalists Have Been Validated

However, some have urged caution on the price, saying that a BTC price rally is typical ahead of the release of US Consumer Price Index (CPI) data.

CPI data is due January 1. 12 and many apparently expect it to show that inflation is subsiding and that the Federal Reserve can rein in raising interest rates.

The sentiment has also seen stock prices rise, with the S&P 500 up 4% in the past five days. according to to Google Finance.

US Treasury yields have also seen a slight drop recently, according to Bloomberg data.