Bitcoin appears steady at $16,800 but it slipped 0.23% in the last 24 hours, and Ether has been holding onto $1,248. The second most popular cryptocurrency gained 4.61% of its value in the last seven days, while Bitcoin only gained 1.53% amid ongoing concerns about the economy and central bank hawkishness.
BTC price has been relatively flat over the last 24 hours. Investors are contemplating the early 2023 economic indicators that seemed at odds. There is also the ongoing US central bank resolve to hike interest rates for at least the first part of the year. Ether is on a similar pattern. As for the altcoins, the broader cryptocurrency market is flashed in red. Tron is the biggest loser. It shed 7.28% of its value in the last 24 hours, Dogecoin lost 4.95%, Shiba Inu lost 4.72%, and Avalanche 4.02%.
Katie Stockton, the managing partner of research group Fairlead Strategies, pointed out that they have seen the Bitcoin and altcoins stair step lower. The digital assets are in a bit of a plateau and seem to end with a few days of downside volatility. Moreover, there is another consolidation phase that has been seen over the past seven to eight weeks. Stockton believes the consolidation phase is underway within the downtrend. The broader crypto market has not seen any kind of breakouts above resistance. She highlighted that her group’s research strongly suggested that the current consolidation in crypto markets would resolve to the downside.
The expert said they are not advocating counter-trend positions in regard to the risks inherent to bear market cycles. Investors are looking for signs of a long-term bottom as sort of a major low.