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Bitcoin (BTC) up +28% in 2023: the crypto market continues to explode

After months of a gloomy bear market, the cryptocurrency market has decided to start the year 2023 with a bang. Bitcoin (BTC) continues the days in the green with a new rise of +12% yesterday, dragging all altcoins behind it. When will this increase stop?

The crypto market is exploding

As often, the cryptocurrency market knows how to be unpredictable. After a week of exceptional growth, Bitcoin (BTC) price offered us a bullish rally again. The king of cryptocurrencies closed yesterday positive by 5.8% and led this Saturday, January 14 by a huge +6% bullish candle in one hour.

The market starts a seventh day of affiliation in the green, a great first for several months. But above all, Bitcoin hit $21,500 overnighta symbolic level never revisited since the beginning of November and the FTX affair.

Evolution of Bitcoin price in daily timescale

Altcoins obviously followed suit. Solana’s SOL ended the day up more than 31% and posted an increase of 72% this week. As for the Avalanche (AVAX), the timing of the announcement of its partnership with Amazon was excellent since it allowed him to appreciate by +51% in 7 days.

Other active ingredients also exhibit similar or even more exceptional feats: Decentraland (MANA) at +85%, Aptos (APT) at +106%, Curve (CRV) at +50%, Gala (GALA) at +120%… In short, performance worthy of a bull market.

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Watch out for a potential fix

Although this succession of green candles is appreciable, you still have to be careful. The general trend in the cryptocurrency market remains bearish and there is no indication that we have exited the bear market. Even so, such a rise is usually accompanied by a downside correction.

However, the cryptocurrency market knows how to be surprising and difficult to tame. This week, each bullish movement was punctuated by a small sideways movement of a few hours, prompting traders to short (betting down) before the market goes up again.

As this data from Coinglass shows, the cryptocurrency market saw $721 million in liquidations in 24 hours, a registration since November 8, 2022 and the announcement of the bankruptcy of FTX:

crypto market cascading liquidation

Liquidations in the cryptocurrency market

We obviously don’t have a crystal ball, but it is very likely to see Bitcoin correct this strong bullish movement. In addition, technical analysis shows us that the price is moving under many resistances. In summary, caution is in order.

👉 Find our technical analysis for Friday January 13

Vincent Ganne analyzes the crypto markets every day on our private group

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Sources: TradingView, coin glass

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