The year worked tremendously for the crypto industry, with several coins breaking their all-time highs. However, as it comes to an end, the entire market seems to be in a slump. The latest testament to this would be BTC hitting its new intraday lows of 46,643 dollars.
The biggest crypto in the world went below the 48k dollars mark just ahead of 6b dollars options expiry. With almost 129,800 options contracts expiring on Friday, the coin is expected to face more pressure. The situation will also take a toll on other cryptocurrencies, given the stature BTC holds.
BTC recently faced rejection after touching 52,100 dollars on December 27th. The coin fell to 46,643 dollars, losing almost 10% within two days. Even now, the cryptocurrency is struggling at a 5% dip in the previous 24 hours.
The coin is currently 17.76% down in December alone, and with only two days remaining in the month, its positive ending seems far-fetched. Nonetheless, Bitcoin traders are looking forward to the first week of 2022 to acquire some recovery.
Alex Kruger, an economist, and crypto analyst, recently stated that hopes are not lost, especially on the basis of past data. Kruger stated that BTC had performed amazingly in the first week of every year. The analyst called it the first week of the year effect, noting how BTC surged 36% in 2021’s first week.
Similarly, it grew 13% during 2020, 7% during 2019, and 18% during 2018’s first week. Even the renowned crypto trader, Light, stated that January would come with new hopes for Bitcoin.
That is why traders are looking forward to a positive start to the year despite the crypto market’s grim outlook.