2022 was not a good year for Bitcoin investors. The opening price of the year was $46,184 and the year ended at $16,523. This was about a 64% loss in the value of Bitcoin. On the daily chart, Bitcoin experienced lower highs and lower lows. The highest point Bitcoin reached in 2022 was $48,185 which was in March.
Bitcoin opened in 2023 at $16,538. Studying the technicals, it is clear that the price of Bitcoin has been ranging between $15,880 and $21,500 since November 2022. As the year 2023 began, Bitcoin saw a brief rally to $17,400 which stands as the 2023 high, and simultaneously the highest point in 4 weeks.
However, looking at the entire year of 2022, Bitcoin is currently experiencing a weak bullish momentum as the bears are still in control of the crypto market. If BTC price tries to rally from the current price of $17,287, it might be counteracted by the aggressive bears and price may fall back to the support level of $16,000.
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