Hello dear readers, in this opportunity I will continue to share with you all the behavior of the Bitcoin price action, specifically on the fact that in the last week reached minimum values with low transactional volume, in a week of low volatility, the price of bitcoin lateralized in a narrow band around $16,600.
In the penultimate week of 2022, bitcoin remained with sideways movements in a narrow price range below $17,000. Against this backdrop of low variability, bitcoin recorded this monthly milestone, while volume also declined. This reduction in activity is typical of the last month of the year, when traders' activities decrease.
December is heading towards its monthly close, with a price for bitcoin at $16,846, at the time of writing, marking a negative monthly return of 1.5%. BTC's price decline for the year is 63.5%, marking the third year in the red for bitcoin in its 13-year history.
In bitcoin's history, when considering pullbacks from an all-time high in price until it bottoms out, the longest period of correction was the one that began in 2013, which lasted 411 days. If the bottom in the bitcoin price had already occurred or if the price drops even further, it would be just 20 days before the current correction would set a new record in length.
It highlights that stablecoins will represent in 2023 one of the biggest opportunities in the cryptocurrency ecosystem. They play a crucial role in allowing market participants to price assets in a common currency and hold on-chain funds during periods of high market volatility.
SOURCES CONSULTED
Blog.Cryptocompare Market Spotlight: The End to a Turbulent Year. Link
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