Bitcoin is back to its crab-like price action as macroeconomic forces fight with new developments in the crypto industry. The number one crypto by market cap has seen one of its bloodiest years, but it maintains a positive outlook for 2023. Related Reading: Breaking: One Of The Largest P2P Crypto Exchanges Removes Ethereum Due To ‘Integrity’ As of this writing, Bitcoin (BTC) trades at $16,800 with sideways movement in the last 24 hours. On higher timeframes, the cryptocurrency records some losses as it was rejected from the 50-Day Simple Moving Average (SMA) at around $17,800. Bitcoin Will See Better Days In 2023 Per a recent report from Coinbase, Bitcoin has been resilient in the current market turmoil. Despite the U.S. Federal Reserve (Fed) hiking interest rates, a high inflation environment, and the collapse of major companies in the crypto ecosystem, BTC: (…) remains one of the primary reserve currencies of the crypto economy. This became evident several times during the year when overleveraged players throughout the market – CeFi lenders, hedge funds, and venture capital (VC) funds – became forced sellers. Bitcoin’s cap ..
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