The crypto markets suffered a minor setback as they plunged following stock market losses.
Bitcoin further suffered losses in the last 24 hours as the bearish trends of the stock markets spilled over to crypto. Post this development, analysts believe that if BTC slips below $16,500, it could trigger a fresh sell-off in the markets. Some experts believe that the crypto markets still haven’t bottomed out.
Helped by long-term investors, Bitcoin had rallied to over $17200 at the beginning of December from its yearly lows before witnessing downward trends. Anticipation of interest rate hikes in the United States of America has also kept the stock markets in deep uncertainty. Though reports indicate smaller hikes, macroeconomic conditions continue to be stressed worldwide. The after-effects of the bankruptcy of a few prominent exchanges also continue to linger on in the crypt markets.
BTC/USD price chart in 2022
Bitcoin is currently trading at around $16800 on December 8, 2022, with BTC/USD down by 0.14% in the last 24 hours. BTC/USD is trading above its 20-day EMA (16,625.87), with most other altcoins trading below earlier levels in the last 24 hours. Analysts pinned their hopes on long-term investors to help BTC stay above its support and take it above $17000.