Bitcoin has attempted to hit $22,000 in an underwhelming and stagnant market to spark a rally.
The crypto market presented a mixed result on February 13 as most altcoins were trading with cuts, but BTC, Dogecoin, BNB, and Tron registered gains. Others, such as ETH, XRP, Cardano, and Polygon, were trading with losses. Bitcoin has been trying to rebound toward $22000 amidst a tight market without much participation from the bulls, with BTC/USD trading slightly higher in the previous 24 hours.
Most investors and traders had likely booked profits in the last week, due to which the market has remained subdued. However, Bitcoin’s volumes rose to around $19 billion, rising by 27.24%. ETH was also trading below $1550. Some experts believed Bitcoin could shed some more value before rallying, like in January. Bitcoin had also witnessed a prolonged period of stagnancy in late December 2022 before it broke free and recovered all its losses in January 2023.
The uncertainty in the market could be an underlying factor for the low participation of bulls in the crypto market. As the year progresses and macroeconomic data become more positive, the crypto market could consolidate at higher levels.
BTC/USD 1 month price chart
Bitcoin is currently trading at around $21700 on February 13, 2023, with BTC/USD up by 0.10% in the previous 24 hours, with most altcoins trading with varied results. BTC/USD is trading below its 20-day EMA (22,579.53).