A few analysts believed that the panic sell-off had bottomed out.
The week ending November 19, 2022, continued to be a lackluster one for Bitcoin as it traded flat at over $16500. Amidst a panic sell-off in the market after the bankruptcy of a prominent exchange, long-term investors helped increase inflows into long-term crypto investment products, which probably stopped Bitcoin from crashing severely. There were mixed signals from analysts, with some indicating that the bottom of the market was near.
Investors have reportedly started withdrawing entire holdings from crypto exchanges and adopting DeFI and Decentralized Exchange (DEX) protocols. Sales in hardware wallets have also picked up. As critics have increasingly started dismissing Bitcoin yet again, seasoned experts believe that the lack of well-defined regulations led to a crisis of such magnitude. Reputed investment firms have written off considerable investments in the recently bankrupted exchange, which would also make investors wary of future investments in centralized crypto exchanges.
BTC/USD price chart in 2022
Bitcoin is currently trading at around $16,600 on November 20, 2022, with BTC/USD down by 0.11% in the last 24 hours. BTC/USD is trading below its 20-day EMA (18,832.30), with other altcoins witnessing bearish trends in the last 24 hours. BTC continues to hold $16K levels as immediate support.