BTC and other cryptos traded flat in anticipation of the events ahead.
Bitcoin hung into its support at $17000 as long-term investors prevented the crypto markets from plunging into bullish trends. BTC broadly traded at the same levels as the previous week, with major other altcoins trading flat. The upcoming few weeks in December are expected to hold significance for the markets to continue at present levels and unlock their bullish potential in 2023.
Analysts hold a positive outlook for the interest rate hikes that are supposed to be announced in the upcoming week. Global macroeconomic conditions have improved over the last few weeks, with inflation anticipated to be easing, unemployment levels low, and stock markets rallying. The crypto markets would also feel the positive effects if the rate hikes are slower than expected. Experts claimed that a positive effect on the crypto industry at the end of 2022 would hold extreme importance for investors and regulatory authorities to facilitate the space in 2023.
BTC/USD price chart in 2022
Bitcoin is currently trading at around $17100 on December 11, 2022, with BTC/USD up by 0.26% in the last 24 hours. BTC/USD is trading above its 20-day EMA (16,661.39), with most altcoins trading at the same earlier levels in the last 24 hours.