Bitcoin sails past $18,000 to hit 8-day price increase

12 Jan 2023

Bitcoin has registered eight consecutive days of increasing prices, moving back over the $18,000 mark for the first time since the middle of December.

The world’s largest cryptocurrency hasn’t recorded such a lengthy period of price increases since July 2021, Cointelegraph reports.

Over the last seven days, the Bitcoin price has risen close to 8%, and at the time of writing registered a 4.1% surge within the last 24 hours.

On Wednesday, analysts at Cointelegraph forecast Bitcoin could rally to $18,000, with the upward price trajectory pressuring the $275 million of weekly options ending on Friday, with bets positioned at $16,500 and under.

An immediate resistance is currently close to the $18,350 mark, with the next one at $18,500, above this the price could continue to rise, News BTC reports. Should the Bitcoin price hit the $19,200 level, further gains could see the price move towards $20,000.

Last year, the price of the world’s largest cryptocurrency declined by almost 65%. There were also headwinds for the broader crypto market due to various events, such as the collapse of the FTX crypto exchange.

FTX said on Wednesday it has recovered up to $5 billion in crypto and cash which may be sold to repay creditors, which could form a bullish narrative according to analysts, if FTX clients are repaid.

That said, some analysts have advised caution in regard to the Bitcoin price, stating a rally is usual ahead of the release of United States Consumer Price Index (CPI) data.

The data is due to be published on Thursday with many predicting it will show inflation is weakening and the Federal Reserve could ease up on rate hikes.

According to Google Finance, the sentiment has also seen stock prices rally, with the S&P 500 up 4% over the last five days.