Bitcoin reaches $23,000 as the cryptocurrency’s $1 trillion market capitalization revisits

Bitcoin, the king of cryptocurrencies, has crossed several crucial resistances since the beginning of the year. Accordingly Queen GekkoThe coin is now up 14% in the weekly time frame and is trading at $23,008, which is making BTC clear the $22,000 and $23,000 resistance levels that limited the cryptocurrency’s rally.

This year saw a complete shift in investor sentiment regarding cryptocurrencies, as Ethereum and Bitcoin reaped massive gains, along with other digital currencies. This caused the entire cryptocurrency market to re-emerge in almost all aspects.

At the time of writing, the current market capitalization of the entire cryptocurrency market is $1.05 trillion, according to CoinMarketCap.

thaw in winter?

Twitter has been very bullish since the coin broke through the last barrier line. Analysts Let’s say a break of $23k would prove this year’s bull run, some even aiming for $100k or more in the long run.

This recent price action led to massive sell-offs of short positions on Bitcoin. There are several reasons why BTC breached $23K.

# Bitcoin / BTC dollars

When this finally breaks, we’ll see a glorious divine candle up to $30,000

Just don’t think that today is the day it will happen

Be careful and don’t get too greedy after friends pic.twitter.com/22UMHUNBCv

– KALEO (CryptoKaleo) January 20, 2023

Just a few hours ago, the NASDAQ jump nearly 3% as technology stocks led the market rally. Bitcoin is closely associated with the traditional financial space. This means that if major indices like the NASDAQ continue to rise, Bitcoin will follow suit along with the entire cryptocurrency.

With a broader financial space looking forward The economic soft landing will continue, and the upside in both cryptocurrency and the stock market will continue as the situation improves. Dec Consumer Price Data (CPI) contributed to the upbeat mood.

 Image: Crypto News

What’s next for the alpha coin?

Bitcoin price action is expected to slow down a bit in the short term, a bit Analysts said, The next target will be $30,000 in the coming weeks or months.

At the time of writing, the Bitcoin bulls should try to consolidate above the current support at $22,661 which will be re-tested by the bears in the next few days as $23,328 resisted the upside today.

Chart: Tradingview

Investors and traders should also be watching for consolidation at the moment as market momentum may slow down. The Bitcoin halving – an event that would reduce the total supply of the currency in the market – will also put upward pressure when it happens.

BTC total market cap at $442 billion on the weekend chart | Chart: TradingView.com

Bulls should also keep tabs on the current state of affairs in the traditional financial space. with the currency High correlation With the stock market, the future of Bitcoin will depend on stock market movement along with improving macroeconomic trends.

Currently, bitcoin holders should have enough strength to consolidate and target the $24.5k and $25k resistances.

Featured image from Helvetia