Bitcoin gets ready to move

<p class=“MsoNormal“>Bitcoin
Market picture</p><p class=“MsoNormal“>
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.</p><p class=“MsoNormal“>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.</p><p class=“MsoNormal“>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.</p><p class=“MsoNormal“>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%.</p><p class=“MsoNormal“>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.</p><p class=“MsoNormal“>
Bitcoin News background</p><p class=“MsoNormal“>
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.</p><p class=“MsoNormal“>Negative
sentiment in the crypto market will dominate until spring 2023, said the crypto
fund QCP Capital.</p><p class=“MsoNormal“>The Italian
parliament passed a bill to tax cryptocurrency traders. Traders will now pay
26% on profits made from digital trading assets. </p><p class=“MsoNormal“>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.

</p><p class=“MsoNormal“>This
article was written by <a target=“_blank“ href=““ target=“_blank“ rel=“follow“>FxPro</a>’s Senior
Market Analyst Alex Kuptsikevich.</p>

This article was written by FxPro FXPro at

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