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Bitcoin spike above $21,000: crypto bear market over?


Bitcoin, the largest cryptocurrency by market capitalization, spiked above the $21,000 mark on Saturday.

The move has encouraged crypto investors who have been shaken by the collapse of several well-known crypto companies, including crypto exchange FTX.

This is the first time since November 8, 2022, Bitcoin
BTCUSD,
+5.08%

crossed $20,000 and after 11 days of bullishness.

The rally has been painful for the bears, who have liquidated hundreds of millions of dollars in short positions. According to the for Coinglass, this amounts to about $125 million in January 14 alone, with the January 11 period onward yielding nearly $300 million in short-term liquidations.

Second Largest Ether Token
ETHE,
+0.36%

up to 9.7% and others like Cardano
ADAUSD,
+0.98%

and Dogecoin
DOGEUSD,
+5.67%

also recorded an increase. solana
SOLUSD,
+24.51%

spiked up to 35%.

According to data from CoinGecko.

After falling from above 67,500 to lows near 15,000, losing 77% from top to bottom, Bitcoin spent about 13 months mostly flat, until buyers re-emerged this week.

See more: What’s behind Bitcoin’s massive rally and why crypto traders bet the worst is over

Bitcoin’s current rise in value comes after the US Department of Labor released data showing that Inflation is at a moderate level with consumer prices rising 6.5% in December, down from 7.1% in November.

“Crypto-assets performed well after the soft CPI print, suggesting that crypto’s correlation with the macro is not going to change anytime soon,” said Sean Farrell, head of digital asset strategy at Fundstrat. pass away”. told Bloomberg.

“Further price action this week is certainly encouraging,” and barring any forced liquidations from struggling crypto firm DCG, “there is a high probability that crypto prices has hit an absolute bottom.”

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