PakGazette – (BTC) is showing true leadership in the digital currency ecosystem amid its skyrocketing price. Current market data pegs the BTC price at $99,399.18, up 1.6% in the last 24 hours. For Bitcoin, growth since the beginning of the year remains linearly bullish, with plenty of volatility to match.
Bitcoin price surpasses history
Cryptorank data shows what this month holds for the price of Bitcoin. Historically, January remains a slightly bullish month for the currency. The price of Bitcoin had an average growth rate of 9.55% in January.
Just six days into the month, Bitcoin is already up 6.32%, setting a bullish pace. If this momentum holds, the coin is likely to reach an all-time high, as last seen in January 2023, when it jumped 39%.
BTC’s growth is tied to many factors, including the level of adoption of spot Bitcoin ETF products and the impact of Bitcoin whales. So far, both classes of buyers have adopted cautious approaches to the currency as the currency continues to show the overbought signal.
While companies like MicroStrategy intend to continue buying Bitcoin, creating natural demand amid limited daily supply, there remain some pessimists who believe the coin’s price could drop soon.
Meanwhile, this pessimistic view is not reflected in the current price of the currency, as it exhibits a growth of 5.76% so far this week (WTD).
Profitability remains an important factor
The price of BTC maintains a great capacity for recovery despite the intense volatility that hides its growth.
While traders remain uncertain about the coin’s near-term prospects, 94.82% of all BTC addresses, or 51.21 million wallets, are in profit, reducing the prospects of a liquidation. The cautious sentiment could persist as the coin faces a slight selling wall around the $100,000 price.
If Bitcoin posts a positive daily close around this range, it could reclaim its all-time high of $108,000 (ATH).
