Last week, Bitcoin rose in an upward channel, but Onchain data did not reveal enough purchasing to initiate a bullish surge. Furthermore, market trust has yet to recover following the FTX incident.
From another perspective, Bitcoin is still trading in the $17,500-$15,500 level. And it will most likely correct to $16,000 this week. Such oscillations are natural in bearish markets, with quick upward and gradual downward movements.
As noted in earlier articles, it is still too early to build an investment portfolio, and we must wait for additional Federal Reserve signals and actions, as well as December inflation figures.