Is Bitcoin Likely to Close at Its Highest Price Since August 2022?

In contrast to the bearish 2022, Bitcoin (BTC) and other cryptocurrencies performed exceptionally well in the first month of 2023. Bitcoin has gained over 42.8% in value in the last 30 days, according to CoinMarketCap data.

From its one-month low of $16,517 to its one-month high of $23,722, Bitcoin has exhibited one of the best gains.

Source: Tradingview

Will Bitcoin hit $25,000?

Data from TradingView reveals that Bitcoin touched $24,498 overnight on Bitstamp. However, due to the lack of momentum by the bulls to hit a new support level, BTC has fallen to its current price of $23,589, with a 2.4% gain in value over the last 24 hours.

CoinMarketCap data also reveals that BTC’s market cap is up by 2.44% and currently stands at $454 billion. There has also been a 31.74% spike in trading volume over the last 24 hours.

Source: CoinMarketCap

Analyzing its current pace, BTC is likely to close the month at its highest price since August 2022.

Even though the FTX event and others in 2022 had repercussions on the whole cryptocurrency market, January proved to be a better month and also the most profitable January since 2013.

Read more: United States Has Committed More Than $24.9B of Taxpayer Money to Ukraine, Says Report

Source: Coinglass

Alongside Bitcoin, Ethereum also put on a decent rally of over 35% over the last 30 days. ETH is trading at $1,617 at press time.

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