Bitcoin (BTC) briefly managed to push past USD 17,000 (IDR 264.7 million) on Sunday, January 8, 2023 breaking through its recent price range to hit a three-week high. The largest cryptocurrency briefly hit USD 17,000 on Friday after data showing a slowdown in US services businesses was seen by traders in digital asset markets and traditional markets as a sign the Federal Reserve may soon be able to ease its push, to tighten financial conditions.

Analysts show the price chart is still in a bearish phase. Coinbase analyst David Duong wrote in a report there was a push that could possibly take Bitcoin past the USD 17,100 mark (IDR 266.5 million) possibly putting bitcoin on track to the next technical level around USD 17,800 (IDR 277.4 million). In the week ahead, bitcoin investors and traders will be watching the key US inflation report which is the input to the Federal Reserve’s interest rate calculations. Central bank monetary tightening last week was a big factor in bitcoin’s 64 percent drop last year, its worst annual performance in four years.

Read too Bitcoin Prospects Still Gloomy in 2023

Elsewhere in the digital asset market, investors will continue to monitor speculation regarding the future of crypto conglomerate Digital Currency Group and its subsidiary Genesis. In addition, the industry is currently looking about prospects for a rebound in SOL tokens. Solana is one of the biggest cryptos to be the main victim of the Sam Bankman-Fried FTX exchange boom. There are also bearish concerns about TRX Tron and HT Huobi tokens, both linked to crypto entrepreneur Justin Sun.

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