• Bitcoin has experienced a few bumps in the past year, but its price is still up 40 percent since 2023 began.
• Bloomberg Intelligence’s senior macro strategist Mike McGlone wrote that headwinds remain strong and $25,000 resistance might prove significant for all risk assets.
• Simon Peters of e-Toro fame commented that the crypto market looks tentative given possible inflation and labor market issues in the US and elsewhere.
Bitcoin Maintaining Momentum
The price of bitcoin has seen a few bumps since the beginning of the year, but it’s still up 40 percent since 2023 first began. At the time of writing, the asset is above $23,000. While this isn’t quite the $25K it hit a few weeks ago, the currency is still maintaining a price in the $20K range.
Headwinds Remain Strong
Mike McGlone – a senior macro strategist at Bloomberg Intelligence – wrote on social media that headwinds remain strong and $25,000 resistance may prove significant for all risk assets. The currency is enjoying a solid jump from where it was during November of last year when it fell into the mid-$15,000 range. However, one year before bitcoin had reached an all-time high of about $68,000 per unit.
Crypto Market Looking Tentative
Simon Peters of e-Toro fame also commented that while crypto markets are still markedly above their lows they’re looking tentative given possible inflation and labor market issues in the US and elsewhere. This macro data is key to central banks‘ thinking around rate hikes with main markets now pricing in no rate cuts in 2023. Bitcoin and ether don’t seem to be fully in fear yet but there’s certainly an element of jitters among market participants watching for fresh updates which can be seen from recent price movements over this past week.
Worst Year On Record
2022 was easily the worst year on record for bitcoin and crypto as a whole with prices falling more than 70% from its November 2021 high resulting in an overall loss of more than $2 trillion across all altcoins combined. It was a sad sight to see considering how much traders and fans lost out on over this period.
Crypto Winter Coming To An End?
The first few months of 2023 have indicated that perhaps this so called „crypto winter“ could finally be coming to an end with bitcoin experiencing rises throughout January which saw it hit new heights such as 17K then 21K then 23K where it stands currently once again