Bitcoin continued its unsuccessful attempts to focus above $23,000 on Wednesday, despite the positive development of US stock indices. At least the crypto market stopped after the rally at the beginning of the year. Total value is down 2.9% in the last 2 hours, but is still just over $1 trillion. Of the main altcoins, Ethereum , loses 0.9%, while the rest are between 2.9% (Litecoin) and 6% (Solana). Bitcoin Bitcoin’s $22 drop at $3000 today is part of a typical correction from last week’s low. A break below $22.2k suggests a deeper correction to the $20.5-$21.0k range. News Background According to Cathie Wood, CEO of Ark Invest, 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. According to the cryptocurrency company B2C2, the first cryptocurrency needs to break the $25,000 mark to continue its growth. 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. , legislators in the European Parliament voted in favor of stricter capital requirements for digital assets of banks holding cryptocurrencies in the EU.