After ending its longest winning streak since 2013, Bitcoin continues to rise

After ending an unusual 14-day winning streak, Bitcoin stabilised as a cautious attitude replaced the risk appetite that had driven up a number of assets at the beginning of the year.

On Thursday, the largest token fluctuated between gains and losses; at of 12:50 p.m. in Singapore, it was up roughly 0.2% at $20,813. Smaller coins like the Polkadot and Solana saw slight rises. On Wednesday, Bitcoin lost 2.5%, capping the longest streak of daily advances since 2013.

According to Matt Maley, chief market analyst at Miller Tabak + Co., Bitcoin "has now become quite overbought on a near-term basis" and is "getting set for a short-term downturn."

On Thursday, due to worries about the economy's growth, stocks declined and Treasuries rose. This gloomy mood also permeated digital assets. The effects of the demise of the FTX exchange are still being felt by the cryptocurrency industry.

People with knowledge of the matter say that Genesis Global Capital, the lending division of Digital Currency Group, is preparing to file for bankruptcy as soon as this week. DCG's enterprises play a crucial role in the struggling digital asset sector.

The so-called overbought condition is when the 14-day relative strength index of Bitcoin is above 70 but has fallen from over 90. That suggests that Bitcoin's projected 2023 growth would stall, according to some strategists.

A measure of the top 100 tokens and Bitcoin have both increased by more than 20% this year, reversing at least a portion of the decline in digital assets from the previous year. The belief that crippling interest rate increases are ending as inflation declines has contributed significantly to this.

Since their peak in November 2021, virtual currencies have lost over $2 trillion, sparking a series of explosions that caused many institutional and ordinary investors to abandon the cryptocurrency market.