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Bitcoin trading above $17K for the first time in 2023

The entire crypto market capitalization surged by 3 percent in the past 24 hours.

Image by: Wikimedia Commons

Mon, 09 Jan 2023, 16:14 pm UTC

The price of Bitcoin (BTC) rallied on Monday, January 9, 2023, and traded above $17,000. The latest price movement of the world’s largest crypto by market cap marks the first time it breached the $17K mark this year.

Bitcoin managed to sustain its momentum so far as, at the time of writing, BTC traded at $17,257.94 based on Coinmarketcap data. Aside from marking the first time BTC reached 17K this year,

Monday’s rally also marked the first time BTC touch the price level in three weeks. The last time Bitcoin traded above $17,000 was on December 16, 2022. From December 17 until January 8, this year, the crypto has been trading at the $16K price level.

It’s not just Bitcoin that made a rally on Monday. In fact, the entire crypto market capitalization surged by 3 percent in the past 24 hours, according to Yahoo Finance.

Cardano posted the biggest gains among the top 10 cryptocurrencies. ADA posted an impressive increase of almost 17 percent in the past 24 hours and soared to $0.32.

Ethereum, the world’s second most valuable crypto after Bitcoin, also posted gains along with the broader market. ETH rose by 5 percent during the past 24 hours and traded at $1,335.31 at the time of writing.

Does Monday’s rally mean that Bitcoin has already formed a market bottom? Here’s what analysts have to say.

Coinbase Institutional’s David Duong views Bitcoin’s push past the $17,000 as something positive. This could suggest that BTC is on its way to testing $17,800, its next technical level.

Meanwhile, blockchain data from FundStrat hints that buyers are now eager to accumulate Bitcoin in the current price range. Investors have an “appetite to buy BTC at the very specific level of $16,00-$17,200,” according to FundStrat's Sean Farrell.

“This paints an incredible picture of a strong buy wall at current market prices and suggests a strong bottom is forming,” he added.

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