• Bitcoin has experienced a few bumps since the beginning of the year, but is still up 40 percent in price.
• Bitcoin has maintained its strength despite headwinds and $25K resistance may prove difficult to overcome.
• 2022 was easily the worst year on record for crypto, but the first months of 2023 indicate that the crypto winter may be coming to an end.
Bitcoin Maintaining Momentum Despite Bumps
The price of bitcoin has experienced a few bumps since the beginning of 2023, but it’s still up 40 percent since then. At the time of writing, the asset is above $23,000. Mike McGlone – a senior macro strategist at Bloomberg Intelligence – commented that headwinds remain strong and $25K resistance may prove significant for all risk assets.
Previous Year Was Worst On Record For Crypto
In November 2021, bitcoin fell into the mid-$15,000 range due to the FTX debacle. The currency would eventually finish 2022 at $16,600 which wasn’t where it should have been given that a year before it had reached an all-time high of about $68,000 per unit. 2022 was easily the worst year on record for bitcoin and crypto in general with prices falling by more than 70 percent from their 2021 high.
Crypto Winter Appears To Be Coming To An End
The first few months of 2023 have indicated that the crypto winter may be finally coming to an end with bitcoin rising from January onward to hit its current value at around $23K per unit. Simon Peters of e-Toro fame stated that while still markedly above their lows, there is most certainly an element of jitters among market participants watching for fresh updates showing in recent price movements within the past week.
Central Banks Play A Role In Crypto Movement
Macro data involving central banks is key in determining any rate hikes which could ultimately affect how investors view crypto assets such as bitcoin and ether. Therefore this data must be taken into account when assessing current trends within digital currencies markets overall.
Conclusion
It appears that after enduring one of its worst years ever in 2022 due to events such as FTX and overall market losses totaling more than 2 trillion dollars – things are looking upward again within crypto markets as we move further into 2023 with Bitcoin surpassing its previous highs so far this year and maintaining momentum despite occasional hiccups along its path towards recovery
