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Bitcoin (BTC) Price News: That the crypto market is currently experiencing a relief rally could perhaps be an understatement. The much wanted price rally is proving to be a life saver for a huge proportion of small and retail traders. In the last six to eight months, crypto market went through huge uncertainties, so much so that the percentage of traders who were holding assets in unrealized losses was one of the highest in last five years. However, with the U.S. economy staring at a possible economic slowdown, withdrawal symptoms could come into picture sometime later in 2023.
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Meanwhile, the US Dollar Index (DXY), which shares an inverse relation with the Bitcoin price, is mirroring the larger market perspective in the macroeconomic scenario. In the last one month, the dollar index dropped in value by 2.25%.
More Bitcoin (BTC) Price Rise To Follow?
The latest pump is resulting in increased capital flow into the crypto market. In the last 24 hours, the stablecoin volume inflow has increased significantly, in what could be a sign of buy interest in Bitcoin and altcoins.
USD stablecoin uptick in the past ~24hrs
Approximately $320M increase in supply, steady lads. pic.twitter.com/YVbMLIi2vy
— tedtalksmacro (@tedtalksmacro) January 23, 2023
Trading close to the $23,000 milestone, the BTC price is currently at its highest since mid of August 2022. In the context of a record breaking crypto bull run in 2021, the Terra network collapse marked the onset of a gradual price collapse for all cryptocurrencies. However, the crypto traders appear to have priced in the adversities of 2022 before starting the current year afresh. Living up to the reputation of being strange in many ways, the current market cycle has also withered away traditional setback occasions like the Chinese New Year.
Ahead of the Chinese New Year 2023, the BTC price rose by around 2%, taking the price to a six month high. Traditionally, the Chinese festival had on most times meant a Bitcoin (BTC) price drop. Thanks to the sideways movement BTC followed over the weekend, the top cryptocurrency is currently priced at 22,820, up by around 0.50% in the last 24 hours.
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