Bitcoin surges above $18K to cap 8-day winning streak


Bitcoin (BTC) has clocked eight straight days of increasing prices and has surged back above $18,000 for the first time since mid-December.

The cryptocurrency hadn’t recorded such a prolonged winning streak since July 2021, at the height of the COVID-19 pandemic. 

Seven day Bitcoin price chart. Image: CoinMarketCap

Over the last seven days, the price of BTC has increased nearly 8%, with a 4.1% surge in the last 24 hours at the time of writing.

Related: From Bernie Madoff to Bankman-Fried: Bitcoin maximalists have been validated

Cointelegraph analysts predicted earlier on Jan. 11 that Bitcoin could rally to $18,000 as its upward price movement put pressure on $275 million worth of weekly options expiring Jan. 13, with bets placed at $16,500 and lower.

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Hedge fund Moskovski Capital’s CEO, Lex Moskovski, tweeted an image on Jan. 11 showing $86 million worth of Bitcoin shorts were “getting smoked royally.”

BTC’s price fell nearly 65% over 2022. The wider crypto market also faced headwinds resulting from numerous bankruptcies and collapses in the space in the same year including crypto exchange FTX, the second-largest exchange at the time of its bankruptcy.

On Jan. 11, FTX said it recovered $5 billion in cash and cryptocurrencies which it may sell in order to repay its creditors

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