The Bitcoin price has finally shown signs of life, albeit to the downside, a direction that might dominate the charts in 2023. During the holidays, the cryptocurrency was stuck on a single level, but the end of 2022 might see 

As of this writing, Bitcoin trades at $16,600 with a 1% loss in the last 24 hours. On higher timeframes, the cryptocurrency records similar losses. Across the crypto market, red is the predominant color as significant assets follow BTC into the downside. 

Bitcoin Price Bound For A Spike In Volatility

The decline in trading volume due to the holiday season has led the Bitcoin price to move sideways. This status quo is poised to change in early January when market participants return to active trading. 

However, the bulls might have issues pushing the price beyond local resistance at around $17,500 and $19,200, two levels that used to operate as critical support. Historically, the first month of the year is among the worst performers. 

Since 2013, the Bitcoin price has traded in the red for 60% of its monthly performance during January. According to a pseudonym analyst, this period has ended in adverse price action for the benchmark cryptocurrency. 

In addition to negative performance, the Bitcoin price often experiences sudden changes in its value. During this month, the cryptocurrency sees a spike in volatility which historically favors the selling side. The analyst…