The performance of Bitcoin recently has not been entirely on the commendable side. Compared with the price trend for the past few years, BTC has not made an impressive move in 2022. Instead, the token has been held bound in a bearish grip that no one expected.
With the extreme crypto winter in the first half of the year, the entire market has been on edge. The collapse of the algorithmic stablecoin Terra and its ecosystem created a more devastating blow to the price of Bitcoin. BTC lost over half of its value with the crypto market, and its market cap went down.
But the year’s second half brought a slight hope for the world’s leading cryptocurrency. The price of Bitcoin started slightly changing as the token surged gradually. The performance was still cut short as the bears took over the market again.
BTC Hovers Around the $19K Level
Bitcoin plummets by 9% on the chart l Source: BTCUSDT on TradingView.com
Due to the crypto market, Bitcoin, which once hit a new ATH of $25,200, later went down. The decline in the price followed a gradual downtrend till it dropped.
This was after it plummeted to around $18,556 the previous day. This drastic drop marked a new two-month lowest point for BTC. At the time of the press, BTC is trading at $20,186, indicating more than a 9% increase within the past 24 hours.
Bitcoin Yet To Show Strong Rally
Despite these actions, Bitcoin has yet to receive a notable recommendation from many industry participants. Some crypto analysts still doubt that the token will sustain or even get higher from its current position. They believe that a more bullish trend would be quite tricky.
In a telegram message, the director of blockchain markets research at Quantum Economics, Alexandre Lores, declared his stance on BTC. Lores stated a general hostility from the present macroeconomic factors on all risk assets. With the situation, Bitcoin is not exempted from the influence.
Also, he reiterated that the other contributory influencers on the BTC price market include the Russian-Ukraine war and the force from Europe and US ESG. Additionally, the Federal Reserve’s stance on interest rates and post-COVID effects are part of the influencers.
For Oanda’s senior market analyst, Craig Erlam, there shouldn’t be any further need to predict future price rises. Instead, the analyst maintained that the central focus is the possibility of getting a spiral in the BTC price pattern. He cited a similar outplay in the past when Bitcoin took a positive turn in 2020.
Activities in the equity markets are showing impressive reclaims as of Wednesday. The markets recorded up to a 2% increase for tech stocks such as S&P 500 and Nasdaq.
Featured Image From zipmex, Charts From TradingView.com