Bitcoin’s 2023 Rollercoaster: The Most Prominent BTC Price Peaks and Troughs This Year
After a tumultuous 2022 tarnished by the collapse of industry giant FTX, Bitcoin 2023 has been a rollercoaster recovery, yet, with Bitcoin (BTC) now stood atop a +160% gain year-to-date, lets take a deep-dive into how BTC price got here.
The middle of January saw Bitcoin spring back into life after a seismic collapse before Christmas triggered a major downtick that saw BTC price drop as low as $15,499.
Macro-economic factors appeared to be the main driving force in January’s recovery, with traders shifting to bullish posturing after indications of a slow-down in US inflation from the Fed bolstered markets worldwide.
While macro-hopes of a rates cut failed to materialise, the shift in market sentiment was enough to trigger major upside across 2023 – with crypto assets under management exploding +36.7% throughout the month.
Despite the strong bounce in January 2023, subsequent price action saw a major -22.4% drop in Bitcoin price mid-month.
The move was triggered by increased rhetorical attacks and regulatory moves against the crypto industry by American regulators.
Notably, the Gary Gensler’s SEC mounted worrying regulatory crackdowns against Kraken Exchange and stablecoin issuer Paxos – in a move that sent shockwaves through markets.
However, bullish sentiment in Asia, notably in Hong Kong reassured global markets – fuelling a recovery from these dramatic drops.
As Bitcoin price pushed up following Gensler’s regulatory crackdown, the leading cryptocurrency mounted a solid recovery.
This saw BTC price hammer-up for a vital test of topside resistance at $30,000.
However, a resounding market rejection at these price levels triggered another tumble, which saw Bitcoin price drop -17%, yet, price was still able to recover to end the
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