Ekta Mourya
FXStreet
Bitcoin wiped out all its losses from the FTX exchange crash in November, BTC recovered and hit a cycle high at $21,550, following the release of lower-than-expected CPI and then PPI inflation data, which hit the US Dollar.
Typically when Bitcoin price recovers from cycle lows the NFT ecosystem witnesses increased growth.
Also read: Here’s what Bitcoin, Ethereum prices need for an explosive rally following US PPI release
Bitcoin, the largest asset by market capitalization, started 2023 on a bullish note, climbing relentlessly throughout the first half of January. The asset hit a new cycle high of $21,550 on January 18 after the release of lower-than-forecast Producer Price Index data for December, which acted as a further catalyst for Bitcoin’s recovery.
The NFT market rewards patient traders, and as Bitcoin recovers from the decline in its price throughout 2022, experts at behavior analysis platform Santiment believe NFT trading is likely to heat up as well. 
NFT trading and Bitcoin price recovery
An example of the BTC price effect on NFTs, is the recent collaboration between Shiba Inu and the Bugatti Group which led to the minting of a new NFT collection. The digital collectibles named “Space Mint” sold out in four minutes and the luxury brand Bugatti congratulated the Shiba Inu team on the sale.
WOW
Congratulations to the @Shibtoken family for selling out in 110 seconds!
Shib token is repeating history again & again!
Get your Shiboshis NFT on Opensea here! https://t.co/bWVCp4bgGf
⬇️RT – Like – Tag a Shib fren! #LFTravel pic.twitter.com/ndk1sUzNCF
The Shiboshis Club and the Bugatti Group’s collaboration was supported by Web3 development studio Nalikes Studio. The NFT mint collection featured 299 limited releases, in its exclusive first edition. The partners sold each digital collectible at a mint price of 0.14 ETH.
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Chainlink (LINK) price is entering a crucial moment for its rally that started at the beginning of the year. In the first two weeks of 2023, only some light second-tier data came out and hardly any headwinds were present to challenge the rally.
Shiba Inu price collapsed in a volatile session on Wednesday after hitting 22% gains intraday. SHIB saw bulls quickly cashing in, triggering a big fade into the US closing bell.
Bitcoin’s rebound above $21,000 in January has resulted in euphoria, market participants are optimistic for the second time after July. The overall supply of BTC on exchanges has dropped from 11.85% to 6.65% Year-on-Year, signaling a rise in self-custody.
Solana price shows a clear shift in the market structure after forming a local top at a crucial hurdle. This development has a chance of sliding lower and triggering a steep correction for SOL holders.
BTC looks healthy and ready to retest one of the significant hurdles at $19,248. Network activity shows enthusiasm, but on-chain metrics reveal this move cannot sustain. Two key levels to pay attention to include $19,248 to the upside and $15,443 to the downside.
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