Bitcoin has declined slightly over the past 24 hours - the bulls have still not decided to go on the offensive. Perhaps it is because of an overhang of selling orders from struggling miners. The first cryptocurrency is trading near $16.7K to start the day on Tuesday, having retreated from its 50-day moving average but maintaining a positive bias towards the upside within the trend of several trading days. US exchanges return to action today to increase liquidity, including in cryptocurrencies.
Bitcoin price - possible variants
Traders should be prepared that there may be attempts to form new market trends from the new year. And it could be a decisive move upward or another sell-off after a lull.
Regarding seasonality, January is considered a neutral month for BTC. Over the past 12 years, Bitcoin has ended with growth on six occasions. The average growth over the last 12 years has been 22%, while the average decline has been 17%.
In the first case, BTC could end January at around $20,100. Second, it could finish at about $13,700, updating November's lows. Meanwhile, in the last eight years, bitcoin has declined in January on six occasions, giving buyers of the first cryptocurrency little chance.
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Great Britain - Tax breaks for foreign traders
The popular YouTube blogger Coin Bureau believes that bitcoin still needs to bottom out. In his opinion, we should expect BTC to drop to $10,000 during the first three months of 2023.
Negative sentiment in the crypto market will dominate until spring 2023, said the crypto fund QCP Capital.
The Italian parliament passed a bill to tax cryptocurrency traders. Traders will now pay 26% on profits made from digital trading assets. On the other side of the coin, Britain is introducing tax breaks for foreigners trading through local brokers to make London a crypto trading hub, as it is now with currencies and metals.
