While Bitcoin has traded only sideways in the last couple of days, experts have said such a position was normal after an extraordinary month in January. Most long-term crypto proponents believe 2023 will be a great year for the crypto market. The crypto market had broadly recovered from its lows in November when the industry faced a lot of distress with bankrupt firms and suspicious calls on its governance.
The market has responded with resilience since then, and most stakeholders are bullish on BTC and other altcoins once again. After a recent rally where it rose above $23500, Bitcoin witnessed profit bookings and has settled below $22000. It is expected to cross its resistance again and trigger a rally toward $25000. A few experts believed that the crypto market’s bullish cycle had already started, which could stretch for a year.
Macroeconomic trends have also been positive lately, with job reports and inflation data showing improvements. Such an upward trend could provide a much-needed boost to the crypto industry. The market also needs an injection of liquidity, which could come from slower interest rate hikes.
BTC/USD 1 month price chart
Bitcoin is currently trading at around $21800 on February 12, 2023, with BTC/USD down by 0.28% in the previous 24 hours, with most altcoins trading in a close range. BTC/USD is trading below its 20-day EMA (22,546.35).