The markets maintained their rigid range, showing little movement.
Bitcoin continued to be stuck in a tight range as it raised concerns regarding its price movement in the next few weeks. A period of low volatility has usually been followed by a trigger on either side of the range, but analysts have remained cautious considering the economic uncertainty. BTC/USD is currently down 60% year to date, with other altcoins also registering declines in the current year.
The U.S. stock markets have also tanked this year, with the S&P 500 losing almost 20% since the beginning of the year. Major heavyweight stocks in the index have suffered losses. Other asset classes, such as gold, have also not been favorable with investors this year. On a positive note, BTC has not dipped to its lows of March 2020, still up 332% from that point. Experts agree that despite an uncertain world, both geopolitically and economically, Bitcoin has weathered the storm comparatively better.
BTC/USD price chart in 2022
Bitcoin is currently trading at around $16500 on December 29, 2022, with BTC/USD up by 0.07% in the last 24 hours. BTC/USD is trading below its 20-day EMA (16,983.24), with most altcoins trading without much movement. With only three days for 2022 to end, analysts have termed Bitcoin’s journey a tough one in the current year but expect the crypto markets to bounce back with vigor in 2023.