Down nearly 70% from its $69,000 ATH in November 2021 Bitcoin (BTC)experienced sharp declines in 2022.
Finally, negatively affected by the bankruptcy of FTX BTCIt declined to the levels of $ 15,500.
In the crypto market, which calmed down a bit after the bankruptcy of FTX, Bitcoin also started to move sideways.
Evaluating Bitcoin’s movements TradingShot Analysts noted that since the lowest level seen in June, Bitcoin has been moving on a falling streak.
Explaining the point needed for BTC to move up, analysts said that BTC should break above the MA200 in the first week of January 2023.
Saying that Bitcoin has a difficult mountain to climb in front of it, the analysts continued as follows:
“Only then, after breaking this trendline that has been intact since December 31, 2021, can we expect Bitcoin to go long-term bullish.
Until then, the top of the downtrend (lower Highs trendline) poses as the next rejection point/resistance.”
The only indicator that could be the light in the tunnel to Bitcoin’s rise dollar index (DXY) Analysts who think that it is, made the following statements:
“Also, DXY has been dropping significantly since Sept 26 and even though they have a negative correlation as you can see in the chart, Bitcoin broke it after the FTX crash.
As the dollar continues to drop, it looks set to rise aggressively to close the losing ground on the upside as the crypto market overcomes this fundamental impact of the fear and uncertainty it has left.”
*Not Investment Advice.