The world’s largest cryptocurrency Bitcoin had a phenomenal start to the year 2023 after a major crash last year. After registering its largest winning streak with 15 consecutive days of gains, Bitcoin has finally changed course.
It is for the second consecutive day that the BTC price had ended in the negative. Bitcoin is trading at a price of $22,635 and a market cap of $446 billion
The crypto market has been largely following the action on Wall street. On Tuesday, January 24, the US indices ended flat hinting at a close fight between the bears and bulls. Also, macro factors continue to hang over and all will depend basically on the Fed meeting next month.
The bigger question here remains is where shall Bitcoin move from here $25,000 or $21,000? Other market analysts think that Bitcoin and the broader market seem to be in overbought conditions.
We have seen that the recent Bitcoin price rally this month has come on the backdrop of strong whale buying activity. But with the recent price surge, the short-term holders’ profitability has skyrocketed to 98% and thus there’s every chance of profit booking in the near term.
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