Bitcoin Breaks Above $22,000 as Crypto Market Shows Slight Recovery

The price of Bitcoin (BTC) rose above $22,000 on Monday, showing a slight recovery in the crypto market over the past few days and gaining a total of $150 billion to its capitalization, which now stands above $1 trillion. Bitcoin Price is Back Above $22,000 Bitcoin’s (BTC) price is currently trading at around $22,000, representing an increase of about 6.4% in the past seven days and 3.1% in the past 24 hours, according to data from CoinGecko. Ethereum, on the other hand, is the absolute leader for price performance, with the token being up 24.5% on the week and 6.6% in the past 24 hours. The strong demand in the market this week helped BTC cross back over $22,000 for the first time since early July. The upside was strong enough to push it out of the short-term wedge pattern it has been trading in since June. For the last few weeks, bitcoin (BTC) has been trading within a tight range between $19,000 and $22,000 with no major catalyst to the upside and traders trying to figure out where the bottom is. The flagship cryptocurrency, moreover, has plummeted by more than 70% from its record high in November, with around $2 trillion wiped off the value of the entire cryptocurrency market. Several macroeconomic factors such as surging inflation, geopolitical crises, and rising interest rates account for the ongoing volatility in the crypto markets. On top of that, there are also rumblings of a potential recession in the near future.The...