Bitcoin Rides The Bull To $23K

Apex crypto Bitcoin (BTC) has continued its rally, rising to $23,000 early Tuesday, a 30% rally in two weeks.

According to on-chain data tracked by analysts at cryptocurrency exchange Bitfinex, the amount of bitcoin transferred from miner addresses to wallets owned by exchanges has declined to multi-year lows, a sign that
miners are anticipating further rises.

Yet, analysts at Bitfinex are cautious that the recent price surge may reverse course as traders take profits on recent gains.

Bitcoin has rallied nearly 40% this month, shrugging off the lingering FTX contagion.

Data cited by Bitfinex analysts suggest whales – or large and influential token holders – were accumulating in November and December.

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