Bitcoin managed to soar past $18,000 just a few days after BTC surged past $17,000 for the first time in 2023. The crypto posted a rare prolonged winning streak and has been on the rise for eight straight days.
After breaching the $17,000 mark for the first time this year on Monday, Bitcoin continued to climb higher in the days that followed. BTC’s price eventually soared past $18,000 on Thursday, January 12, 2023, for the first time since mid-December, according to Cointelegraph.
At the time of writing, BTC traded at $18,101.65 per coin based on CoinMarketCap data. The crypto’s price surged by 4.21 percent in the past 24 hours.
Bitcoin’s price has surged nearly 8 percent over the last seven days. The crypto hadn’t recorded such a prolonged winning streak since July 2021.
However, BTC still has a long way to go before it can reach its all-time high set in 2021 at nearly $69,000. The crypto market has recently seen numerous bankruptcies and collapses including the fall of FTX, the second-largest crypto exchange at the time of its bankruptcy.
FTX said on January 11 that it managed to recover $5 billion in cash and cryptocurrencies. The exchange could opt to sell them to replay its creditors, which might set a bullish narrative it the company could repay all of its customers.
The company also revealed that it also found a number of cryptos that might be harder to sell. FTX explained that the reason for this difficulty is that the markets for those assets are illiquid.
While Bitcoin’s 8-day winning streak is indeed good news, some advised caution on the price. Bitcoin price rallies are typical ahead of the release of United States Consumer Price Index (CPI) data.
CPI data is set to arrive on January 12, 2023. Market watchers expect inflation to decrease and the Fed to put a stop on interest rate hikes.