Bitcoin's 14th birthday is overshadowed by widespread weakness in the crypto market

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Bitcoin's 14th birthday is overshadowed by widespread weakness in the crypto market Bitcoin BTC Bitcoinprice

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Satoshi Nakamoto, the pseudonymous crater of Bitcoin, officially mined the genesis block of Bitcoin on Jan. 3, 2009, which led to the minting of the first 50 BTC and kicked off the cryptocurrency revolution. Many in the crypto community used this opportunity to honor the token that started it all, but the day of celebration was mired by a lackluster performance in the market.

Data from TradingView shows that Bitcoin price ranged from a daily low of $16,558 in the early hours to an intraday high of $16,768 near midday, only to return to $16,671 at the close of the markets in the U.S., which represented a daily decline of 0.35%.According to Kitco senior technical analyst Jim Wyckoff, “Traders are waiting for a spark to ignite price action in what has been a quieter holiday trading period.

While much of crypto Twitter remains unsure of what will come next for Bitcoin following a brief spurt of energy on Monday, crypto analyst il Capo of Crypto remains convinced that the recent pump in price is merely a bull trap, and Bitcoin remains destined for a trip to the $12,000 range.It takes a tiny pump into resistance to turn everyone bullish again. This same bull trap has been happening during the entire 2022, yet people don't learn.

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