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

On January 12, Bitcoin and the cryptocurrency market experienced a significant recovery. The move precedes a conspicuous macroeconomic week for crypto markets, with the December 2022 Consumer Price Index (CPI) print due from the United States.

Bitcoin (BTC) soared to $18,297, its highest level since December 15, 2022, when the market reacted favorably to the news the Federal Reserve may pump the brakes on hiking interest rates. BTC is currently up 10.6% from its opening price of $16,541 in 2023.