Bitcoin was unable to break above $17,000 until the end of 2022, where a zone of strong resistance formed.
On the night of Wednesday, January 4, the BTC rate dropped to $16,656, the capitalization of the largest digital currency decreased to $320.642 billion. By the end of December, the cost of bitcoin fell by 3.6%, according to CoinGlass data.
In November last year, BTC fell by 16.23%. Just like in 2021, the last two months have been bad for the cryptocurrency as stock markets have experienced massive capital outflows.
But November and December 2020 ended with the growth of BTC by 42.95% and 44.92%, respectively.
Trading in the US last Tuesday closed with a decrease in the Nasdaq and Dow Jones business activity indices, so the digital currency market continues to correct. Ether (ETH) sank to $1211 while Binance Coin (BNB) fell to $245.5.
Many analysts predict that the bearish trend in the crypto sphere will continue at least until the end of 2023.
For example, QCP Capital believes that bitcoin will suffer the biggest losses in the coming months. The weakening of the activity of traders has been observed since mid-December, and this factor signals their reluctance to enter digital assets in the face of global uncertainty.