Bitcoin Rose Above $18,000
Tonight, for the first time since December last year, Bitcoin managed to rise above the $18,000 benchmark. Thus, during the trades, the coin managed to grow in price by 4%, and the price growth was accompanied by an increase in trading volume.
It is worth mentioning that following the market flagship, like before, other coins from the top 10 traded in plus. Meanwhile, the market witnessed the largest growth for Ethereum (+4.9%) and Cardano (+3.5%).
According to analysts, the positive dynamics of bitcoin quotes is connected to expectations of a decrease in inflation in the USA. On January 12, BLS will release the Consumer Price Index (CPI).
According to the consensus poll of analysts, the value is expected to slow down to 6.5% annual (7.1% in November). The Core Consumer Price Index is expected to be 5.7% (6% a month earlier).
According to experts, the current price mark is crucial for bitcoin. Thus, some analysts believe that if the asset manages to gain a foothold above the $18,000 benchmark, it may rise to $20,000. Otherwise, the price could pull back to the $15,000 benchmark.
Recall that in December last year, experts announced that the baseline scenario for 2023 involved a potential recession in the US economy. This, in turn, would lead to a new wave of sales in the stock market. And under these conditions, cryptocurrencies could be be subject to negative revaluation.