With subdued interest from bulls, the crypto markets witnessed a dip, with most cryptos in red.
Bitcoin witnessed a dip as the crypto markets went through a downward trend. The last week of the year witnessed a conservative approach from traders and investors as almost everybody adopted a cautious stance. Most altcoins witnessed losses, with the market capitalization losing almost 1.35%, just holding on to over $800 billion. The market dip was not unexpected for the traders as most analysts had adopted a bearish approach at the end of 2022.
Bitcoin had been maintaining a stagnant position for a while, sending the crypto markets to one of their lowest periods of volatility in the recent past. The position was challenged in the previous 24 hours with the losses witnessed by the market. Uncertainty in the crypto industry and a hawkish outlook in the world economy had stopped the bulls from actively participating in the markets.
BTC/USD price chart in 2022
Bitcoin is currently trading at around $16600 on December 28, 2022, with BTC/USD down by 0.45% in the last 24 hours. BTC/USD is trading below its 20-day EMA (17,015.19), with most altcoins witnessing dips. With many experts reaffirming their confidence in crypto’s long-term prospects and suitable regulatory climates adopted by countries worldwide, the crypto industry is expected to receive a boost in 2023.