As Bitcoin‘s price has corrected since its all-time high last November, the last two weeks have marked a significant uptrend, with a US$10,000 gain in that period. This rally has also served to mitigate the price pullback since the all-time high was achieved, from 50% to 31%.
In January 2022 the price of Bitcoin retreated by 17%, while February saw a 12% rebound. So far, with just a few days before the end of March, a green first quarter is shaping up for Bitcoin, should the current upward momentum consolidate.
In the recent bullish phase of Bitcoin’s price, there has been a succession of six consecutive days in the green for the first time this year, bringing the bitcoin price to a 15% appreciation in the last 7 days. At the time of writing this article, the price of Bitcoin is US$47,658.99, according to CoinMarketCap.
But perhaps the most noticeable consequence of this recent bullish phase is that the price of Bitcoin, which started 2022 with the worst January in its history, managed to return to profitability. Indeed, there is already a positive return for Bitcoin so far in 2022, albeit only 1.6% at the moment.
In the midst of this upward phase, there are still many bitcoin investors underwater, especially those who bought around November 10, 2021. On that day, the price of bitcoin reached almost US$69,000.
Even with the Russian invasion of Ukraine, which initially pushed the bitcoin market and traditional stocks down, today the cryptocurrency markets seem to have assimilated the existence of the conflict.
The fact that bitcoin has returned to profitability in 2022 and that it managed to breach US$45,000 last week, a figure that is considered a key resistance level, are precedents that strengthen the bullish sentiment that has re-emerged in the market. The iconic US$50,000 mark is the next target for bulls, which is feasible if demand maintains its current momentum.