Bitcoin, the king of cryptocurrencies, has been crossing multiple crucial resistances since the start of the year. According to CoinGecko, the coin is now up 14% in the weekly timeframe, and trading at $23,008, making BTC break through the $22,000 and $23,000 resistance levels that have limited the crypto’s ascent.
This year witnessed a complete U-turn in investor sentiment on cryptocurrencies as both Ethereum and Bitcoin reaped massive gains, along with the other top altcoins. This led to the entire crypto market to experience a resurgence in almost all aspects.
At the time of writing, the current market cap of the entire cryptocurrency market is at $1.05 trillion, according to CoinMarketCap.
Crypto Winter Thawing?
Twitter has been very bullish since the coin broke through its latest line of barrier. Analysts say that the break on the $23k wall will validate the entry of this year’s bull market, with some even targeting $100,000, or more, in the long term.
This recent price movement led to massive liquidations of short positions on Bitcoin. There are several reasons as to why this BTC broke through $23k.
When this finally breaks through, we’ll see a glorious god candle to $30K
Just don’t think today is the day that’s going to happen
be careful and don’t get too greedy yet friends pic.twitter.com/22UMHUNBCv
— K A L E O (@CryptoKaleo) January 20, 2023
Just this few hours ago, the NASDAQ index jumped almost 3% as tech stocks led the market rally. Bitcoin is heavily connected to the traditional financial space. This means if major indices like the NASDAQ continue to go up, Bitcoin will follow suit along with the entire cryptocurrencies.