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 Fear and Greed Index is 52 — Neutral
Current price: $21,162 pic.twitter.com/Ai66Qae8LG— Bitcoin Fear and Greed Index (@BitcoinFear) January 18, 2023
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:
It’s been a bullish start to 2023. Let’s take a look ⬇️#BTC and #ETH are currently outperforming all traditional assets by a large margin.
1/3 pic.twitter.com/GleZcjETWx
— Clara Medalie (@Clara_Medalie) January 17, 2023
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.
₿REAKING: #Bitcoin price has increased 14 days in row — A single day away from making a historic new record! pic.twitter.com/qclJhikcds
— Documenting ₿itcoin 📄 (@DocumentingBTC) January 17, 2023
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.
📉 The overall supply of #Bitcoin on exchanges has dropped from 11.85% to 6.65% over the past year, a historic drop that illustrates the rise in interest in self custody. #binance, #Coinbase, #Crack, #KuCoinand #bitstamp all reflect this $BTC Exodus. https://t.co/4GSJs29fOK pic.twitter.com/aDLuAw3oiU
— Santiment (@santimentfeed) January 18, 2023
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.
Another outflow from spot exchanges. 4000 BTC. By https://t.co/RHWNSR70MQ pic.twitter.com/Mrg8wuBnJD
— IT Tech (@IT_Tech_PL) January 17, 2023
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.
big day today,
GDP in Great Britain coming in.
PPI and Retail Sales in the US later today.
CPI (final) for EU as well.Probably a decisive day for which way the $DXYand therefore risk-on, wants to go.
— Michael van de Poppe (@CryptoMichNL) January 18, 2023
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.
Nice 4H bottom in progress.
Break back below $102.40 and it would go back to new lows.
But currently looks like it wants to visit $104 area. https://t.co/O83INoJZBd pic.twitter.com/AXT9umTJCg
— Nebraskangooner (@Nebraskangooner) January 18, 2023
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