Trending Topic: Bitcoin Explodes To 23,000 After Upturn

Also: Binance mixed customer funds with B-Token collateral 'by mistake.' Equities closed mixed.

Opimas LLC CEO and Founder Octavio Marenzi discusses his crypto markets analysis and outlook as bitcoin (BTC) rose above $23,000 for the first time since last August before retreating. He also reacts to Bernstein's latest research report saying recent crypto market strength is probably driven by a reversion to mean values.

Bitcoin has continued with its bullishness as it surged its price above the USD$23,000 level, a positive signal amid miners reduced the sales of their mined coins. On-chain flows flagged by Bitifinex analysts indicate that the amount of Bitcoin moved from Bitcoin mining addresses to wallets owned by cryptocurrency exchanges has declined to multi-year lows.

The ongoing rally will not zoom back to fresh all-time highs, but it could be different.

Bitcoin (BTC) has shown the highest return since October 2022 and is currently having the best January in 10 years in terms of monthly returns.

Short-term and long-term investors alike are back in the black with Bitcoin undecided on where to go next.

Bitcoin (BTC) is currently showing positive momentum, with the cryptocurrency undergoing a significant rally so far in January, with a 40% increase in value to reach $23,000. This marks the steepest gain for Bitcoin since October 2021.

The latest Bitcoin price analysis is giving the lead to the buyers, as the bullish momentum has gained stability in the last 24 hours. The price is on its way toward revival and has recovered up to the $23,009 mark during the day.

Bitcoin appears to be gaining momentum as it briefly topped the $23,000 mark on Tuesday, after reaching $23,333 for the first time since August 19th.

Initially the crypto market started the day on not so good terms, but one currency that has been holding on to its bullish momentum is Bitcoin. While the King currency is holding on to its $23,000, it suggests that investors are still positive on Bitcoin.

Buying pressure remains spot-driven, but prices are easily movable due to relatively lower liquidity, analysts at Bitfinex said in a Tuesday note.