A bull market, in the traditional market sense, refers to a phase of significant and sustained upward movement in the market.This period is characterized by positive market sentiment, which helps maintain the rise in prices.Additionally, increased participation from investors typically leads to a surge in trading volumes during a bullish phase.
Although various parameters can indicate a bull run in the crypto market, Bitcoin often serves as a reliable barometer.This is due to Bitcoin’s dominant market position and high levels of trading activity.
In this post, we explore key moments in 2023 when significant increases in Bitcoin’s price suggested the onset of a bull market.
H1 2023: The Rise and Resilience
In January, according to TradingView charts, Bitcoin started the year at a low of around 12,000 USDT.
This was the lowest level seen since November 2020.By January 20, the king coin had soared above 23,000 USDT, marking a significant rise in the first half of 2023.The Relative Strength Index (RSI) exceeded 70, indicating an overvalued or overbought market from January 10 to January 29.
The surge in Bitcoin’s price at the start of 2023 can be attributed to several macroeconomic factors.
High inflation and the US Federal Reserve’s aggressive monetary policies set the tone for the year.Additionally, the conflict between Russia and Ukraine exacerbated an energy crisis, leading to increased prices for natural gas and oil.This period also saw the US report its highest inflation levels in approximately four decades.
Moreover, January witnessed the successful launch of Bitcoin Ordinals, which positively impacted the market and likely contributed to Bitcoin’s price increase.
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In February, Bitcoin’s price spiked to around 25,000 USDT, at a time when the Federal Reserve’s aggressive interest rate hikes hit the market.Due to high inflation, the trend shaped the first half of 2023.
March saw Bitcoin surpass the crucial resistance level of 28,000 USDT.Around March 17, the Relative Strength Index (RSI) for Bitcoin briefly remained above 70, indicating an overvalued market.The uptrend continued until April 14, with market volatility starting to decrease after the first week of April.This period marked a significant phase of price movements influenced by macroeconomic factors and monetary policies.
In April, Bitcoin’s price breached the 30,000 USDT mark, coinciding with Ethereum’s significant Shapella hard fork.
By June, Bitcoin had reached levels above 31,000 USDT.
H2 2023: Bitcoin’s Momentum Continues
A major boost occurred in mid-July when a U.S.judge ruled Ripple Labs Inc.’s XRP token sales on public exchanges did not violate federal securities law, leading to a market surge.August saw further positive developments as a federal judge overturned the SEC’s decision to deny a Bitcoin ETF from Grayscale Investments.Finally, a substantial upsurge occurred around October, with Bitcoin hitting around the 35,000 USDT mark.
On October 19th, Bitcoin’s Relative Strength Index (RSI) exceeded 70, indicating an overvalued or overbought market, and it stayed within the normal or above normal range until December 11th.This period coincided with growing optimism for the potential launch of a spot Bitcoin ETF and a shift towards more relaxed monetary policies, factors that contributed to the positive market sentiment.
In early December, Bitcoin impressively surpassed the 44,000 USDT level, marking the highest price point of the year, despite experiencing some volatility.
This volatility was evident in both November and December, as indicated by the widening of Bollinger Bands.The period was also significant due to the near-realization of the
Bitcoin ETF launch, a development that not only bolstered the legitimacy of cryptocurrencies in the U.S.but also had a global impact, signaling a major step towards mainstream acceptance of crypto assets.
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