Despite the positive development of US stock indices, Bitcoin continued its unsuccessful attempts to focus above $23,000 on Wednesday. The crypto market at least came to a halt after the rally at the beginning of the year. The total value is down 2.9% in the last 2 hours, but is still just over $1 trillion. Among the main altcoins, Ethereum loses .9%, while the rest decrease between 2.9% (Litecoin) and 6% (Solana). Bitcoin At Bitcoin, today’s lows from $22.3000 are part of a typical correction from last week’s lows. A break below $22.2k suggests a deeper correction to the $20.5-$21.0k range. News Background According to Ark Invest CEO Cathie Wood, the cryptocurrency market will enter a new phase in 2023. The mindset of long-term investors will determine whether the current bitcoin rally is a bull trap or a strategic buying opportunity. , Glassnode believes. For the first cryptocurrency to continue its growth, it needs to clear the $25,000 barrier, according to cryptocurrency firm B2C2. Once this milestone has passed, the „outsiders” will once again show interest in returning to the market. Bernstein said the rally is unlikely to continue as there are no signs of „new cash injections” in the crypto market. , lawmakers in the European Parliament voted in favor of stricter capital requirements for digital assets of banks holding cryptocurrencies in the EU.