Technical Analysis

Bitcoin gets ready to move

Market picture

has declined slightly over the past 24 hours – the bulls have still not decided
to go on the offensive. Perhaps it is because of an overhang of selling orders
from struggling miners.

The first cryptocurrency
is trading near $16.7K to start the day on Tuesday, having retreated from its
50-day moving average but maintaining a positive bias towards the upside within
the trend of several trading days. US exchanges return to action today to
increase liquidity, including in cryptocurrencies.

should be prepared that there may be attempts to form new market trends from
the new year. And it could be a decisive move upward or another sell-off after
a lull.

seasonality, January is considered a neutral month for BTC. Over the past 12
years, Bitcoin has ended with growth on six occasions. The
average growth over the last 12 years has been 22%, while the average decline
has been 17%.

In the first
case, BTC could end January at around $20,100. Second, it could finish at about
$13,700, updating November’s lows. Meanwhile, in the last eight years, bitcoin
has declined in January on six occasions, giving buyers of the first
cryptocurrency little chance.

Bitcoin News background

popular YouTube blogger Coin Bureau believes that bitcoin still needs to bottom
out. In his opinion, we should expect BTC to drop to $10,000 during the first
three months of 2023.

sentiment in the crypto market will dominate until spring 2023, said the crypto
fund QCP Capital.

The Italian
parliament passed a bill to tax cryptocurrency traders. Traders will now pay
26% on profits made from digital trading assets.

On the other
side of the coin, Britain is introducing tax breaks for foreigners trading
through local brokers to make London a crypto trading hub, as it is now with
currencies and metals.

article was written by FxPro’s Senior
Market Analyst Alex Kuptsikevich.

Related Articles

Leave a Reply

Your email address will not be published. Required fields are marked *

Back to top button