Overall, the market has been in a significant uptrend, as Bitcoin price has risen almost 40% to $23,000 this month, the steepest gain since October 2021.
As the market cools off, traders have another decision to make. Will they add to their positions, or is it time to call an end to the surging rally?
Bitcoin price has been oscillating in a very tight range heading into the new year’s holidays, offering little clue on the direction of the next significant move. Nevertheless, the market remains in a very decisive area, demand for cryptocurrencies wanes and the outflows continue; its fate could be decided in January.
Bitcoin’s short-term outlook looks neutral as BTC has been stabilized in recent weeks, more work needs to be done before concluding that the worst for the cryptocurrency is over. Bullish crypto momentum fizzled after Fed Chair Powell poured cold water on investors’ hopes but higher time frames remain interesting.