Bitcoin is rallying at a slow rate, which may indicate a little positivity from traders and investors.
Bitcoin witnessed a minor rally as it continued to battle the prolonged phase of low volatility in the crypto market. It came closer to the $17000 mark and showed signs of a small upward trend. Analysts have maintained their stand of BTC needing to cross the $17000 resistance to trigger a fresh bout of a long rally, which has been devoid of the crypto market for a long time. The new year presents fresh opportunities for the crypto industry, with the clean-up of the space with new regulations from several countries. Experts remained cautious, while many have presented optimistic expectations from the crypto markets in the upcoming months.
The global macroeconomic conditions may have played a role in the reduced crypto market inflows. The next few days would reveal various new indications of the economy through employment data and factory activity results. The United States CPI report on inflation is also expected on January 12. These reports could directly impact the equity and crypto markets, influencing the sentiments of the trader and investors. A few analysts have reported an increase in inflation, which could enable central bankers to increase interest rates further. For now, the crypto industry is in a wait-and-watch mode.
BTC/USD price chart in 2022
Bitcoin is currently trading at around $16800 on January 4, 2023, with BTC/USD up by 1.13% in the last 24 hours. BTC/USD is trading below its 20-day EMA (16,930.46), with a few altcoins rising minimally.