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.

Read also: Bitcoin loses 16.8% value in January, as bond threatens crypto

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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