Price analysis 12/28: BTC, ETH, BNB, XRP, DOGE, ADA, MATIC, DOT, LTC, UNI
Gold has been an outperformer in 2022 compared to the United States equities markets and Bitcoin (BTC). The yellow metal is almost flat for the year while the S&P 500 is down more than 19% and Bitcoin has plunged roughly 64%.
The sharp fall in Bitcoin’s price has hurt both short-term and long-term investors alike. According to Glassnode data, 1,889,585 Bitcoin held by short-term holders was at a loss as of Dec. 26 while the loss-making tally of long-term holders was 6,057,858 Bitcoin.
In spite of gold’s good showing and Bitcoin’s dismal performance in 2022, billionaire investor Mark Cuban continues to favor Bitcoin over gold. While speaking on Bill Maher’s Club Random podcast, Cuban told Maher, “If you have gold, you’re dumb as fuck.” He advised Maher to “just get Bitcoin.”
Could Bitcoin lead a recovery in the final few days of the year or will the crypto markets close the year with a whimper? Let’s study the charts of the top-10 cryptocurrencies to find out.
Bitcoin has been stuck inside a tight range between $16,559 and the 20-day exponential moving average ($16,877) for the past few days. This indicates that both the bulls and the bears are lying low during the holiday season.
The 20-day EMA is sloping down gradually and the relative strength index (RSI) is near 43, indicating a slight advantage to bears.
If the price turns down and slips below $16,500, the selling could pick up pace and the BTC/USDT pair could fall to the $16,000 to $15,476 support zone.
Buyers are expected to fiercely defend this zone because if it collapses, the pair could start the next leg of the downtrend.
If the price turns up from the current level and breaks above the moving averages, it will suggest that bulls are attempting a comeback. The pair
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