Bitcoin (BTC) continues its upward trend, with the price increasing for 14 consecutive days. The cryptocurrency is just one day away from breaking its historical record set in November 2013, when the price increased for 15 days in a row.
It marks the longest streak since the 10-day winning streak seen in September 2017 and July 2020. Investors and traders are closely monitoring the situation to see if the cryptocurrency can set a new record.
Bitcoin faced a rough November in 2022, as the cryptocurrency saw a significant drop in value following the collapse of FTX, a major crypto exchange. On November 21st, the price of Bitcoin hovered just above $16,000, marking a year-to-date loss of over 66%.
According to historical price, the top cryptocurrency hit a two-year low of $15,588 on November 9th. However, the value of BTC saw a brief rebound on November 10th, reaching a high of $18,054.31 before falling back to around $16,850.
Despite a rally in early December that brought the price back above $17,000, it remained below that level on December 12th. Overall, the value of Bitcoin remains far below its all-time high of $68,789.63, reached in November 2021.
Bitcoin (BTC) In Recovery Mode
Bitcoin (BTC) has seen significant growth in value since the start of the new year, with bulls gaining the upper hand over bears in the cryptocurrency market.
On January 12th, BTC reached a two-month high as it broke above the $19,000 level and briefly surpassed $20,000. The bulls continued to drive the price upward, pushing the asset above $20,000 and even reaching just above $21,000 on January 14th, as reported by TronWeekly.
According to the data from CoinMarketcap, the coin fell slightly the next day but rebounded and traded at $20,000 again, keeping eyes toward $22,000 resistance.
However, BTC is currently trading at $20,883.59, with an impressive 23% increase in the last seven days and a 32% growth over the previous 17 days. Its 24 hours trading volume is currently down, but the market cap shows a slight increase.
Nevertheless, Bitcoin (BTC) has been experiencing a bullish trend in the cryptocurrency market, with the price breaking above significant resistance levels.
Technically, the price may continue to rise towards the $21,800 level or even $22,000. However, it is important to note that if the price fails to clear the $21,500 resistance, it could continue to move down.
On the downside, there are several key support levels to watch out for. The immediate support is near the $21,500 zone, followed by the next major support at $20,000. The main support is towards $20,000. It is important to monitor the market and stay informed of any developments that may affect the price of BTC.