Bitcoin Is on a Winning Streak. Beware the Sentiment Shift.
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, 2023-01-24 10:22:00,
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Bitcoin has rallied to its highest level since before the bankruptcy of FTX rocked crypto markets.
Ozan Kose/AFP via Getty Images
Bitcoin and other cryptocurrencies paused Tuesday, holding on to the bulk of gains from a rally that has carried cryptos to their highest level in months. But analysts caution that the recent move higher is fragile, and a shift in sentiment could cause a fast and painful retracement.
The price of Bitcoin is little changed over the past 24 hours to $22,899.53. The largest digital asset has traded near $23,300 in recent spikes, marking the highest point since August and representing a return to price levels not seen since the collapse of crypto exchange FTX rocked the market in November.
“Bitcoin has tentatively found a home above the $22,500 level as risk appetite remains healthy,” said Edward Moya, an analyst at broker Oanda. “A lot still could go wrong for the broader market and if that happens, it will be interesting to see how crypto reacts.”
Rallying more than 30% in two weeks, Bitcoin has led risk-sensitive assets in a move upward…
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