The sluggishness in the crypto markets has continued in 2023.
Bitcoin witnessed a minor upward trend in the previous 24 hours, but the overall trajectory in the crypto market continued to be stagnant. Major cryptos traded sideways without much participation from investors. The first two days of 2023 did not generate much enthusiasm in the markets either, with the same levels of low volatility spilling over to 2023. Analysts also sent out mixed signals on the crypto space. Some were cautious, while others stated it was too soon to arrive at any conclusion regarding crypto.
Some experts believe that the unpredictable conditions in the global macroeconomic climate could play a role in the stagnancy of the crypto market. Most don’t believe central bankers worldwide would let go of their hawkish stance. With inflation numbers continuing to bother central bankers, the markets could remain devoid of sufficient liquidity. Bankrupt exchanges have also heightened the problem in the crypto industry.
BTC/USD price chart in 2022
Bitcoin is currently trading at around $16700 on January 3, 2023, with BTC/USD up by 0.37% in the last 24 hours. BTC/USD is trading below its 20-day EMA (16,941.63), with most altcoins showing minimal movement. On a positive note, a few experts noted that BTC had bottomed out, and there were hardly any sellers left. If this were true, bulls would jump into the market at any sign of an opportunity. An upward market trajectory could be expected if bulls helped Bitcoin cross the $17000 mark.