It has been a hell of a year for the crypto industry as Bitcoin remains bearish at the low of $16,000. The top cryptocurrency is not about to bottom below the crucial $17,000 as it seeks to make gains and protect the current price range.
As such, 2022’s yearly close is to be seen. Bitcoin’s closing price will mark the conclusion of the weekly and quarterly candles. Analysts say any flash volatility could turn 2022 into a horror bear market year. Currently, the much-loved digital asset is down from 60% year-to-date, it lost 76% versus its latest all-time high from November 2021.
At the time of writing this article, Bitcoin was down by 0.65% in the last 24 hours and holding at $16,558, while Ether was trading at $1,194 after losing 0.31% of its value. Solana is the biggest loser. It’s down by 9.73%, Cardano and XRP lost 4%, Litecoin 3.23%, Polkadot 3.07%, Shiba Inu 2.02%, and Dogecoin 1.89%. The majority of the altcoins are seeing red.
Material Indicators, market analysts, said nothing illustrates sentiment for a price level like liquidity. And there is not much sentiment for the price level being the bottom. The analyst outlined that there is not much to be excited about given current order book volumes, large-volume traders are reducing exposure. Research firm Santiment said Bitcoin-ranging prices have a lot to do with declining whale interest. There is a correlation between large transactions of $1 million or more, and overall BTC price strength. Data suggests that such transactions are now at their lowest levels since December 2020. It outlined that if prices continue to drop and a spike occurs, this would be a historically bullish signal.