Other major altcoins also posted gains in the last 24 hours.
Bitcoin surged once again to settle over $17000, with other major altcoins also rallying over 2%. The overall market capitalization of the crypto markets also witnessed a surge but remained below $1 trillion. Analysts expected Bitcoin to strengthen its position over $17000 to initiate the bullish trends for the upcoming year but confirmed the uncertainty as the market continued to remain volatile.
The entire crypto market has witnessed minute changes in the last few days, with BTC changing movements in the range of 3%, dipping just below $17000 or surging just above $17000. This indicated mixed reactions from experts who claimed that long-term investors were bullish on the markets, but constant sell-offs weren’t allowing the markets to cross their resistance. Global macroeconomic trends were also uncertain, with inflation data and interest rate hikes yet to be announced.
BTC/USD price chart in 2022
Bitcoin is currently trading at around $17200 on December 9, 2022, with BTC/USD up by 2% in the last 24 hours. BTC/USD is trading above its 20-day EMA (16,667.07), with most altcoins trading above earlier levels in the last 24 hours. Analysts stressed the need for BTC to stay above its support at $17000.