Bitcoin surges above $18K to cap 8-day winning streak

Bitcoin (BTC) has seen eight consecutive days of rising prices and is back above $18,000 for the first time since mid-December.

The cryptocurrency had not recorded such a long winning streak since July 2021, at the height of the COVID-19 pandemic.

Seven day bitcoin price chart. Image: Coinmarketcap

Over the past seven days, the price of BTC is up nearly 8% with a gain of 4.1% over the past 24 hours at the time of writing.

Cointelegraph analysts predicted on January 11 that bitcoin could rally to $18,000 and that price movement above it pressured $275 million worth of weekly options that expired on January 13, including $16,500 and above. Low stakes were placed.

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Lex Moskowski, CEO of hedge fund Moskowski Capital, tweeted a photo on January 11, showing $86 million worth of bitcoin shorts that were “excitingly smoking.”

In 2022, the price of BTC dropped by about 65%. The broader crypto market also faced headwinds due to multiple bankruptcies and declines in the space in the same year, including crypto exchange FTX, which was the second largest exchange at the time of bankruptcy.

On January 11, FTX said it had recovered $5 billion in cash and cryptocurrencies, which it could sell to repay its creditors, a move that some say would be if FTX customers were repaid. Could be a bull story.

The exchange also received a number of cryptocurrencies, which it says will be difficult to sell because the markets for those assets are illiquid.

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Related: From Bernie Madoff to Bankman-Fried: Bitcoin Extremists Validated

However, some have urged caution on the price, saying that a BTC price rally ahead of the United States Consumer Price Index (CPI) data release is normal.

CPI data is due out on January 12 and many expect it to show that inflation is declining and that the Federal Reserve may put the brakes on raising interest rates.

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Shares have also seen a rally in price, with the S&P 500 gaining 4% over the past five days, according to Google Finance.

US Treasury yields have also seen a slight decline recently, according to Bloomberg data.