The markets broadly traded at the same levels without much fluctuation.
Bitcoin witnessed a downtrend and plunged below $17000 as it struggled to break through its resistance levels, falling below its support. But analysts did not evoke any panic signals as BTC has been trading tightly in this close range for a few weeks. Most experts expect Bitcoin to rally again above $17000; clearing the resistance level would signify positive trends for the crypto markets. The new resistance of BTC seems to have formed near $17100.
After bearish trends in the crypto markets in November, Bitcoin witnessed a broad recovery before being stuck in a tight range. Since the previous week, investor sentiments have remained the same as both bulls and bears continue to tread cautiously in the markets. The market capitalization of the crypto markets remained approximately at the same levels as most altcoins traded flat or shed value. The entire market is anticipating the forthcoming inflation numbers from the U.S. before undertaking any strong movement.
BTC/USD price chart in 2022
Bitcoin is currently trading at around $16900 on December 12, 2022, with BTC/USD down by 0.93% in the last 24 hours. BTC/USD is trading above its 20-day EMA (16,688.04), with most altcoins trading at lower levels in the last 24 hours.