In July 2021, when the epidemic was at its peak, Bitcoin experienced a run of green candles that was the longest it had seen since the cryptocurrency’s inception.
Bitcoin’s price has increased for eight consecutive days in a row, and it recently climbed back above $18,000 for the first time since the middle of December.
Since July 2021, during the height of the COVID-19 pandemic, the digital currency had not registered such a continuous winning streak in its history until recently.
At the time of this writing, the price of BTC has grown by approximately 8% over the past week, with a surge of 4.1% occurring in the most recent twenty-four hour period.
Bitcoin’s recent price increase has put pressure on $275 million worth of weekly options that will expire on January 13. Bets have been made at $16,500 and lower, thus analysts at Cointelegraph anticipated that the cryptocurrency may surge to a price of $18,000.
Over the course of 2022, the price of BTC dropped by about 65%. In the same year, there were a number of crypto-related businesses that went bankrupt, which created additional headwinds for the wider cryptocurrency sector.
