After Bitcoin (BTC) hit a yearly high of $21,095 on Jan. 13, where is it headed next?
Bitcoin is currently witnessing an uptick in bullish momentum after the positively perceived Consumer Price Index (CPI) report was followed by a strong rally across the crypto market.
The recent rally in Bitcoin is creating increased volume levels and higher social engagement on whether the price is in a breakout of fakeout mode.
Is the Bitcoin bear market over?
While the market is still technically in a bear market compared to last week, investor sentiment is improving. According to the Fear and Greed Index, a crypto-specific metric that measures sentiment using five weighted sources, investors’ feelings about the market hit a monthly high.
Bitcoin Fear and Greed index. Source: alternative.meBitcoin price is now above the psychologically important $21,000 level and many analysts and traders are issuing their thoughts on where BTC price could head next.