Analysts are on wait-and-watch mode for the next few weeks, observing the markets closely.
After hovering over $17000 for a few days, Bitcoin witnessed a downward trend today as it slid below its support at $17K. Some major altcoins also witnessed losses, bringing down the total market capitalization of the markets. Though the losses were not significant, analysts are monitoring the situation since further losses could trigger bearish sentiments.
On a positive note, analysts noted that long-term investors held a significant amount of the total Bitcoin supply, which could have been the reason for BTC’s stiff resistance to bearish trends gripping the crypto markets in 2022. Though it was well below its all-time high, experts noted that BTC had seen even worse times than these. A positive crypto regulatory framework adopted by countries worldwide could, in fact, trigger a bull run, as indicated by experts.
BTC/USD price chart in 2022
Bitcoin is currently trading at around $16900 on December 7, 2022, with BTC/USD down by 0.84% in the last 24 hours. BTC/USD is trading above its 20-day EMA (16,681.28), with most altcoins trading below earlier levels in the last 24 hours.