Bitcoin’s Wild Start to the Year
The first week of 2022 has not been kind to BTC or the broader crypto market with prices of the former down over 10% from the yearly open. We wanted to take a look at the last several trading sessions to make sense of what’s happening and what may lay ahead. Before we jump into this week’s price action, let’s quickly recap the last several weeks to give context for where we find ourselves today.
BTC crashed from ~$58K to $42K on December 4th. BTC has been range bound since, oscillating between high and low points, failing to break out of this consolidation range. Typically, when price spends an extended period consolidating with many failed breakout/breakdown attempts, once price successfully breaks the range, you can expect some type of continuation in that direction.