crossing – The price of Bitcoin (BTC) registers further declines, despite a sign of recovery in the US economy. The crypto winter continues, and a long-awaited drop to the bottom for this cycle remains possible for this end of the year and the beginning of 2023.
The price of Bitcoin deprived of the Christmas rally?
Bitcoin price falls up to $16,588 on Bitfinex today, December 22, 2022. The cryptocurrency is trading at $16,811 at the time of writing. The markets are currently entitled to a doji.
The BTC/USD pair continues to follow the move in stocks, with the S&P500 and Nasdaq both trading lower. Paradoxically, the markets seem to have reacted negatively to the release of US GDP data for the third quarter, which showed stronger than expected growth.
This sign of recovery seems to have generated fears about the continuation of the restrictive economic policy of the American Federal Reserve, the institution being able to judge that the economy will be in able to withstand further rate hikes. Under such circumstances, a real pivot for rates would then not occur until 2024.
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The macroeconomic context would therefore not yet be favorable to risky assets, including Bitcoin, for at least another year. And from a technical point of view, the indicators announce more drops to come.
The trader behind the Bleeding Crypto Twitter account shared a Bitcoin price chart on a weekly basis, which shows a deathcross comingwith the 50-period exponential moving average about to cross below the 200-period moving average.
These factors are a reminder that the bear markets are not over yet, and that the bottom of the price of Bitcoin could be still below this year’s low.
Moreover, the year 2022 has certainly already damaged the BTC portfolio of many investors, but the results show that this crypto winter was not the worst, At least for the moment. Trader Daan Crypto Trades shared a chart that shows Bitcoin losses on a yearly basis are currently between those of 2014 and 2018.
The number of indicators that give more credence to the $14,000 scenario continues to grow. As the end of the year approaches, even a bullish rebound for a reconquest of $17,000 seems complicated.
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