Bitcoin is holding its bullish trend while heading into the historically strong month of February. The top cryptocurrency picked up a bid below $7,000 on Jan. 3 and has been on an upward trajectory ever since, rising to three-month highs near $9,570 on Thursday, according to CoinDesk’s Bitcoin Price Index.
At the current price of $9,350, bitcoin is up 30 percent on a month-to-date basis – its best January performance since 2013. Additionally, the cryptocurrency is on track to register a double-digit monthly gain for the first time since June 2019, when prices had rallied by 26 percent. January’s 30 percent rally is its best monthly performance since May 2019.
This month’s rally marks a sharp reversal higher from a six-month downturn when prices collapsed from $13,880 to $6,425. With the bulls still leading the price action, February may again turn out to be a good month for the cryptocurrency.