Bitcoin news – live: El Salvador president predicts ‘gigantic price increase’ for BTC
January 2022 has been the worst month for bitcoin since the pandemic-induced panic selling of March 2020, however the price is showing strong signs of recovery.
After falling from above $47,000 to below $34,000 in the first three weeks of the year, the price of BTC has since rebounded back above $37,000.
The broader crypto market has followed a similar price trajectory, with Ethereum (ETH), Binance Coin (BNB), Solana (SOL) and Dogecoin (DOGE) all experiencing heavy losses at the start of the month before bouncing back in recent days.
On-chain trends have offered some hope to investors that this market reversal may continue, with data from analytics firm Glassnode revealing that long-term holders are refusing to sell. Bitcoin exchange reserves are also falling, suggesting a potential supply squeeze that could force the price up in the short term.