Bitcoin whales activity signifies the probable direction of the significant cryptocurrency in 2023. But, the recent activity hints at the continuation of the downside momentum.

• Bitcoin price is expected to end lower on the last trading day of the year 2022.
• As per Santiment, an analytic firm, the Bitcoin whales are still selling.
• BTC depreciated nearly 67% in 2022 making it a terrible year for the crypto major.

On the eve of the new year, Bitcoin is displaying no exceptional moves and is exhibiting a sideways trading pattern. The year 2022 has been marked as a stormy year as the sell-off that was slated at the beginning of the year continued till the last day with a depreciation of 67% in Bitcoin value.

So what’s next for Bitcoin?

Should you capitalize on the undervalued market or if there is an extended crypto winter?

As per the Bitcoin whales the bearish momentum is not over as they are still in selling mode. According to the Santiment, the whales who hold between 1,000 and 10,000 BTC have reduced their holdings from 8 million back in December 2021 to less than 7 million in December 2022.

Bitcoin price continued to trade lower

From the technical perspective, the Bitcoin price analysis looks bearish for the last trading day of the year 2022.  The descending trend line from the high of $21,470 acts as an upside barricade for the bulls.

The buyers attempted to test and breach the bearish trendline on December 14th with a high of $18,373.0 but were not able to sustain the gains. However, the downside seems capped near $16,500 for the past few sessions. As of writing, BTC/USD is exchanging hands at $16,572, up 0.44% for the day.

Another bearish set-up is the moving average crossover, the price is hovering below the 9-day and 21-day EMA for the past few sessions. In this scenario, a close below $16,500 would on set another correction rally.

On the downside, Bitcoin price could test $16,285 followed by $15,620.

On the other hand, a successful attempt above the downside trending line could see a move toward the 21-day EMA at $16,810.

The daily RSI (14) hovers below the average line with a sideways momentum. Any downtick in the indicator would turn the tide in favor of bears.

Conclusion: From the on-chain and technical analysis it could be inferred that Bitcoin is still not out of woods and the trend could continue in January 2023.