Bitcoin still holds above $20,000, will 2023 be the year of recovery?

Bitcoin still holds above $20,000, will 2023 be the year of recovery?

Bitcoin has been trading higher this weekend. Currently, although it is no longer as strong as it was two days ago, the bulls are still holding steady above $20,000.

The price of the largest cryptocurrency in the market is trading at $20,789 at press time, up 21.9 percent from the past seven days, according to data from Coingecko.

bitcoin price chart

Among other coins that have also recorded significant gains in the past 7 days, Solana has gained more than 60% in the past 7 days, while Ethereum is 20%. The recent upside move triggered more than $600 million in short-term liquidations on Jan. 14, according to data provided by Coinglass.

As noted by Ki Young Jun, an analyst at Crypto Quant, said that the crypto market has been buoyed since new data released last Thursday by the U.S. Department of Labor showed that inflation has cooled down. heat.

The much-watched consumer price index fell 0.1% in December on a monthly basis.

Young Jun said that the retreat of many crypto market participants could be responsible for the prolonged gains. After the crashes of Alameda, BlockFi, crypto brokers and market makers became less active.

Market makers can help reduce volatility during times of intense market volatility.

“This may just be a staged attempt to do a squeeze when the market is illiquid,” Young Jun noted.

At the same time, Young Jun said, “We’re definitely near the bottom. In my opinion, the actual recovery of the crypto market will begin at least mid-2023.”

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