BTC witnessed a small rally while holding on to $17000.
Bitcoin continued its rally as it traded above $17000, with the broader crypto markets evoking mixed perspectives. Both market capitalization and volumes of the crypto markets rose marginally. Analysts continue to monitor global macroeconomic conditions and the weakening dollar as an important month unfolds for the crypto community.
Further interest rate hikes by central banks worldwide are expected to be announced in December. With the quantum of such hikes expected to slow down, the crypto community is optimistic for the new year to start on a bullish trend. A host of experts continued to reaffirm their long-term bullish outlook on Bitcoin and other altcoins and believed that the recent surge of BTC to over $17000, even after the tumultuous events of November, indicated its solid support with long-term investors and the stability and scope of its underlying technology.
BTC/USD price chart in 2022
Bitcoin is currently trading at around $17300 on December 5, 2022, with BTC/USD up by 1.20% in the last 24 hours. BTC/USD is trading above its 20-day EMA (16,723.00), with other altcoins witnessing mixed movements in the last 24 hours.