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Bitcoin Faces Resistance At 45,000 US Dollars, Underperforms Amid Poor Investor Drive

Published

3 years ago

February 16, 2022

Bitcoin Faces Resistance At 45,000 US Dollars, Underperforms Amid Poor Investor Drive

Bitcoin’s resurgence is yet to take off this year, as the most popular cryptocurrency continues to experience a rollercoaster that has hindered it from replicating the form of Q1 2021.

Infoexpert24 reports that BTC is currently trading at $44,295.57 per coin as of the period of filing this report, with year-to-date representing a decline of -4.3%, considering the crypto started 2022 at $46,311.74.

Despite support from El Salvador and some institutional investors taking a long position (long-term) against panic sell-off, bitcoin has continued to face resistance at $45,000.

And this is due to sideway drift (no distinct trends) sentiments in the market, which has held bitcoin back from breaking the $45,000 ceiling and edging forward, as neither the bears nor bulls have taken full control of BTC’s direction year-to-date.

Bitcoin

However, regardless of the sideway market, this quarter’s comparison with that of Q1 2021 shows that bitcoin hasn’t been performing close to its potential, considering it netted a growth of +65.36% in value between January 1 to February 15, 2021.

While it has lost $2,016.17 in value in the last one month and two weeks, BTC gained $18,951.05 to take its value to $47,945.06 from $28,994.01 during the period under review for 2021.

Meanwhile, in the last 24hours, the crypto asset has appreciated by +3.82% according to data from Coindesk, and its market capitalization currently stands at $840.25 billion.

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