On Monday, January 9, 2023, the price of Bitcoin (BTC) rose to more than 17000 dollars. The newly released market price of one of the world's largest cryptocurrencies by market value marks its first increase of $17000 this year.

According to Coinmarketcap data, as of the time of writing, the bid and sale price of Bitcoin was 17257.94 US dollars, thus maintaining its trend. In addition to marking the first time BTC achieved 17K this year,

Monday's rise also marked the first time that BTC has touched the price level in three weeks. The last time Bitcoin was bought or sold more than $17000, it will be on December 16, 2022. From December 17 to January 8 today, cryptocurrency has been traded at the price level of $16K.

It was not only Bitcoin that rose on Monday. In fact, according to the information of Yahoo Finance, the total market value of all cryptocurrency markets has soared by 3% in the past 24 hours.

Cardano rose significantly among the top 10 cryptocurrencies. The ADA has increased by nearly 17% in the past 24 hours, soaring to $0.32.

Ethereum is the second largest cryptocurrency in the world after Bitcoin. With the expansion of the market, Ethereum also rose. ETH has increased by 5% in the past 24 hours, and received $1335.31 at the time of writing this article.

Does Monday's rise mean that Bitcoin has formed the bottom of the sales market? The following is what investment analysts said.

David Duong of Coinbase Institution thinks that the increase of $17000 in Bitcoin is proactive. This may indicate that BTC has detected $17800, which is its next technical strength.

In addition, the blockchain data of FundStra shows that customers now expect to accumulate Bitcoin within the current price range. Sean Farrell of FundStrat said that investors "are interested in buying BTC at a special price of $16,00 - $1720".

He added: "This describes an amazing picture, that is, under the current price situation, a strong buying wall, and that a strong bottom has been established.".