Bitcoin Surge Reaches 10-Year-Old Record, More BTC Leaving Exchanges

Bitcoin maakt sterk herstel, maar kan koers trendommekeer maken?

Bitcoin (BTC) will continue the upward trend of 2023 for the time being, but it is slowing down further and further. Bitcoin briefly touched $21,650 on some exchanges yesterday morning, but has continued to fluctuate between $21,100 and $21,400 over the past 24 hours. At the time of writing, the BTC price stands at $21,250 on Binance and $19,600 on Bitvavo.

This means that the bitcoin price is up 0.2% today. Trading volume increased by 8% in the last 24 hours. The total market capitalization is $409 billion and the dominance is 41.3%. The Fear & Greed Index comes out at 52 (Neutral).

Bitcoin starts 2023 stronger than other markets

That bitcoin one bullish will start in 2023, you will probably not have missed it. There are doubts whether this one bear market rally is or the beginning of a bull runbut it is clear that bitcoin (and ethereum (ETH)) will outperform assets like the S&P 500, Nasdaq and gold so far into 2023, researcher Clara Medalie reports:

Bitcoin surge equals 10-year-old record

In fact, the start of 2023 is a bullish record. According to the list below, bitcoin had been rising for 14 days in a row. This data was published yesterday and today the price turns green again. That means that Bitcoin now equals the November 2013 record of longest continuous increase ever by 15 days.

Substantial outflow of BTC from crypto exchanges

Analysis company Santiment reports that the bitcoin supply on exchanges has dropped from 11.85% to 6.65% over the past year. This is due to the declining confidence in exchanges after the FTX crash and there is therefore more interest in self-preservation.

That can also be a good sign for the bitcoin price. As long as the BTC is not on an exchange platform, it does not appear that they will be sold any time soon. Meanwhile, analyst IT Tech reports that another significant outflow of BTC from exchanges can be seen.

What will DXY do today?

Today, all eyes seem to be focused on the US dollar index (DXY). Such as

Michaël van de Poppe says, some important economic data will follow today that could influence the DXY price.

The DXY had a very high negative correlation to many financial markets last year, including bitcoin. DXY is in a significant decline in 2023, which means that we see the markets turning green. However, Analyst Nebraskangooner thinks DXY can make a small recovery and so it can make a pullback mean for bitcoin.

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