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Bitcoin’s 2023 winning streak 1-day away from making history

Bitcoin's 2023 winning streak 1-day away from making history

As the crypto market continues to trade in the green zone, Bitcoin (BTC) is on the verge of breaking historical records, likely to influence the asset’s short-term price movement.

At the current price, Bitcoin has extended its trajectory to a 14-day winning streak, becoming one of the longest consistent periods of positive price movement in history. In this line, the crypto is just one day from reclaiming its longest gains, last recorded in November 2013 at 15 days. 

The current Bitcoin momentum has also surpassed the 10-day streaks of July 2020 and September 2017, according to data by Documenting Bitcoin on January 17. 

Bitcoin’s historical longest winning streaks chart. Source: Documenting Bitcoin

Bitcoin price analysis

Currently, Bitcoin is trading at $21,146 after several days of attempting to hold above the position. Over the last 14 days, the maiden crypto has rallied over 20% after days of consolidating below $17,000.

Bitcoin YTD price chart. Source: Finbold

The market’s current focus is on whether Bitcoin can maintain the gains, which would help the asset reclaim its highs of 2021. Notably, senior market analyst Jim Wycoff suggested that Bitcoin bulls are now in firm control of the asset after weeks of battling with bears

“The BC bulls have the firm overall near-term technical advantage amid a price uptrend in place on the daily bar chart. That suggests still more upside in the near term,” Wycoff said.

Elsewhere, crypto trading expert and analyst Michaël van de Poppe stated that Bitcoin had seen the sweeping of liquidity above the recent highs. 

Bitcoin price analysis chart. Source: TradingView

The technical analysis on TradingView also exhibits Bitcoin’s bullish momentum. A summary of the daily gauges recommends the ‘buy’ sentiment at 15 while moving averages are for a ‘strong buy’ at 13. Oscillators are suggesting ‘sell’ at 4.

Bitcoin technical analysis. Source: TradingView

Bitcoin builds on macroeconomic gains 

The current price of Bitcoin is an outcome of general optimism following the cooling down of the United States inflation rate. The possibility of the Federal Reserve slowing down on interest rate hikes has helped Bitcoin and the general market put the bruising 2022 behind. 

The outlook is also driving optimism in the sector regarding the possible entry of more investors led by institutions. Additionally, at the current gains, Bitcoin appears to have put behind the effects of the FTX crypto exchange collapse.

Disclaimer: The content on this site should not be considered investment advice. Investing is speculative. When investing, your capital is at risk.

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