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.
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.
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 shorts are smoking like kings.
$86M in the last 4h. pic.twitter.com/hNPwn4C53M
— Lex Moskovski (@mskvsk) January 11, 2023
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.
It seems that #Bitcoin he likes to remind us that he doesn’t give a shit about trades, investor letters, open letters, and ponzi schemes: pic.twitter.com/OfmmdWeUvz
—Andrés (@AP_Abacus) January 12, 2023
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.
yes, my feeling is that it is and always has been the best recovery scenario for clients. I think that being substantially complete is a real possibility; I think we were possibly a few weeks away from getting there in November. (America is creditworthy, it should make everyone complete.)
—SBF (@SBF_FTX) January 12, 2023
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.
It never fails. This is the third pre-cpi ramp.
—Bill Noble (@crypto_noble) January 12, 2023
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.
