Ahead of Gold, US Treasury, the S&P 500, and others, banking giant Goldman Sachs ranks Bitcoin (BTC) in the top 1 best-performing asset year-to-date, per a Twitter user.
Bitcoin Takes The Lead In Broad Market Recovery
On smaller timeframes, Bitcoin continues its quest to regain lost territory. Slowly but steadily, Bitcoin is attempting to break above the resistance level of $23,800. Bitcoin appears to have a healthy pullback below the resistance line in search of bullish momentum.
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Despite the recent crisis of not only the cryptocurrency market with the collapse of FTX and the world economy in free fall, bringing consequences for investors and institutions, the market has also noted the comeback of market makers on cryptocurrency exchanges.
In contrast with Goldman Sachs’ report, according to an annual report by CoinGecko, Bitcoin is the worst-performing asset among the major currencies, with a significant decline of 64%. CoinGecko also noted that since January 2022, the trading volume in the spot market has decreased by 67%.
The new year for Bitcoin and the market started positively, with $200 billion bulking the volume and volatility sheets, according to CoinMarketCap data.
Bitcoin’s year-to-date solid rally has shifted market sentiment. Analysts seem bullish in the short term, expecting the cryptocurrency to increase to as much as $30,000. However, in the long term, economist Lyn Alden said that Bitcoin could be in “considerable danger” in the second quarter of 2023 as liquidity risks increase.
As the price of Bitcoin consolidates below the resistance zone, the cryptocurrency is looking for a trendline break to position itself above the $24,500 level, representing its next obstacle.
The rising 20-day moving average at $20,700 and the Relative Strength Index (RSI) in the overbought zone near 80 suggest that BTC’s bullish trend line can continue and conquer new regions.
Conversely, bears are ready to stall the Bitcoin price action to the upside and turn the momentum and direction of the market, but bulls seem unwilling to surrender. Speculation is on the rise with no certainties in the market and the upcoming Federal Open Market Committee (FOMC) meetings.
As of this writing, Bitcoin has gained nearly 8% in the last seven days. It has traded at $22,889 with sideways movement in the last 24 hours. The currency’s current capitalization stands at $440 billion, outperforming all its market pairs.
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