Bitcoin has been crossing multiple critical resistances since the beginning of the year. According to CoinGecko, BTC is up 14% on the weekly timeframe and is trading at $22,913, which indicates that BTC has surpassed the $22,000 and $23,000 resistance levels that are limiting the crypto’s rise.
This year has witnessed a complete U-turn in investor sentiment regarding Cryptocurrencies, as both Ethereum and Bitcoin post massive gains alongside other top altcoins. This has led to a resurgence of the entire Crypto market in almost every aspect. According to CoinMarketCap, at the time of writing, the current market cap of the entire Cryptocurrency Market is $1.05 trillion.
Analysts say a break from the $23,000 wall will confirm entry into this year’s bull market, with some even targeting $100,000 or more in the long term. This recent price action has led to massive liquidation of short positions in Bitcoin.
Just hours ago, the NASDAQ index rose almost 3% as tech stocks led the market rally. Bitcoin is heavily linked to the traditional financial space. Also, December Consumer Price Data (CPI) added to the optimistic mood. Some analysts said that Bitcoin’s price action is expected to slow down a bit in the short term, as the next target will be $30,000 in the coming weeks or months.