Bitcoin up 50% from bear market low outperforming SPY, Gold

CryptoSlate

Bitcoin crashes through $23k as the bear market rally continues

Cover art/illustration via CryptoSlate

The bear market rally that perplexed much of the crypto industry continued into the weekend as Bitcoin hit $23,230 for the first time since August 2022. Bitcoin is now up 50% from its local low of $15,400.

Source: TradingView BTC-USD

Bitcoin has moved into a leading position among global assets outperforming major asset classes. In addition, 2023 has seen growth across multiple sectors as inflation begins to cool off. Since November lows, gold and the S&P500 are up 19% and 13%, respectively.

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Over the past 24 hours, markets have witnessed over $387 million in crypto liquidations, the majority involving BTC and ETH for a total of $165 million.

Total liquidations / Source: Coinglass

Short positions throughout this bear market rally have dominated liquidations. However, that is not to say long positions have been entirely safe. As Bitcoin continues to rally, frequent retracements at key resistance levels have caught bulls off guard. For example, on Jan. 18 and Jan. 21, BTC longs were liquidated for over $30 million.

BTC liquidations / Source: Coinglass

Ethereum has seen a similar performance to Bitcoin throughout 2023 as it jumped to $1,647 from a low of $1,074 in November following the FTX collapse.

At the time of press, Bitcoin is ranked #1 by market cap and the BTC price is up 8.87% over the past 24 hours. BTC has a market capitalization of $445.52 billion with a 24-hour trading volume of $37.46 billion. Learn more ›

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BTCUSD Chart by TradingView

Bitcoin On-Chain Analysis

Market summary

At the time of press, the global cryptocurrency market is valued at at $1.05 trillion with a 24-hour volume of $71.97 billion. Bitcoin dominance is currently at 42.38%. Learn more ›

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Author: Liam ‘Akiba’ Wright


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