Bitcoin faces resistance at $45,000, 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.

BTC is currently trading at $44,295.57 per coin as at 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 (longterm) 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.

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 cryproasset has appreciated by +3.82% according to data from Coindesk, and its market capitalisation currently stands at $840.25 billion.

 

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