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Market picture
Bitcoin has declined slightly over the past 24 hours - the bulls have still not decided to go on the offensive. Perhaps it is because of an overhang of selling orders from struggling miners.
The first cryptocurrency is trading near $16.7K to start the day on Tuesday, having retreated from its 50-day moving average but maintaining a positive bias towards the upside within the trend of several trading days. US exchanges return to action today to increase liquidity, including in cryptocurrencies.
Traders should be prepared that there may be attempts to form new market trends from the new year. And it could be a decisive move upward or another sell-off after a lull.
Regarding seasonality, January is considered a neutral month for BTC. Over the past 12 years, Bitcoin has ended with growth on six occasions. The average growth over the last 12 years has been 22%, while the average decline has been 17%.
In the first case, BTC could end January at around $20,100. Second, it could finish at about $13,700, updating November's lows. Meanwhile, in the last eight years, bitcoin has declined in January on six occasions, giving buyers of the first cryptocurrency little chance.
News background
The popular YouTube blogger Coin Bureau believes that bitcoin still needs to bottom out. In his opinion, we should expect BTC to drop to $10,000 during the first three months of 2023.
Negative sentiment in the crypto market will dominate until spring 2023, said the crypto fund QCP Capital.
The Italian parliament passed a bill to tax cryptocurrency traders. Traders will now pay 26% on profits made from digital trading assets. On the other side of the coin, Britain is introducing tax breaks for foreigners trading through local brokers to make London a crypto trading hub, as it is now with currencies and metals.
About the author
Alex Kuptsikevich is a financial market professional with 16-years’ experience and a senior financial analyst at FxPro. He is the author of daily reviews on the impact of economic events with comments featured in top international and Russian media. Alex covers fundamental analysis, global markets, the foreign exchange market, gold, oil, and cryptocurrencies in his analytical pieces. As the senior financial analyst at FxPro, Alex is a guest expert in 1-tier global media such as Forbes, Coindesk, Euromoney and Morning Star.
Disclaimer
The views and opinions expressed in this article are solely those of the authors and do not reflect the views of Bitcoin Insider. Every investment and trading move involves risk - this is especially true for cryptocurrencies given their volatility. We strongly advise our readers to conduct their own research when making a decision.