BTC and ETH close 2022 below previous market cycle highs

There were a lot of things to forget in 2022, but the bad news for crypto just keeps on coming. both Bitcoin (BTC) and Ethereum (ETH) failed to surpass its previous cycle high for the first time by the end of the year.

2022 was the first year that Bitcoin and Ethereum closed below their previous cycle highs.

Institutional crypto research firm Delphi Digital revealed disappointing end-of-year price metrics on January 3rd. It added that the 200-week moving average was also an important level that had never been broken in previous cycles.

“BTC has never failed to hold its 200-week moving average, which has historically been a key support level circular plane,

lengthening crypto cycles

The previous cycle high for BTC was $20,000 in December 2017. It last traded below this level in early November as FTX declined. Bitcoin has not recovered this price area since then and is now trading down around 16.5%.

Additionally, bitcoin is still trading well below previously solid price bottom indicators such as the 200-week moving average. It is currently at around $24,400 according to woo charts, BTC is currently down 31% from this level which is a record low compared to previous cycles.

The actual price of bitcoin is $19,700, which is still well above actual market price levels. Actual value measures the value of all coins in circulation at their last transferred value. It can also be used to estimate how much the entire market paid for their coins.

Ethereum fared no better, closing even lower than its previous cycle high. ETH prices peaked at $1,450 in January 2018, and they are currently down 16% around $1,200.

waves of FUD And the massive recession has battered crypto markets over the past year. There has also been a massive macroeconomic storm to deal with. However, the cycle could also be longer, meaning a recovery in 2023 is less likely.

BTC and ETH Price Outlook

BTC price has recovered marginally from the weekend levels but remains range bound. hasn’t really been volatility During the last week when most of the planets have been on holiday. At the time of writing, BTC is trading at $16,696 as the tedium continues.

Ethereum is in A similar situation, with a gain of just 1.3% on the day. As a result, ETH was changing hands for $1,216, according to CoinGecko.

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