BTC and other altcoins suffered another spell of sell-offs in the markets.
In a somewhat expected turn of events, the crypto markets are still seeing low investor sentiments as November draws to a close, Bitcoin shed almost 2% of its value, coming dangerously close to its support levels of $16000. The overall crypto market capitalization was also reduced to just a little over $800 billion. Other altcoins, such as Ethereum and Solana, also registered declines.
Experts hoped long-term investors would continue their attempts to push Bitcoin above the immediate resistance at around $16600. Notably, maintaining this level is necessary to unlock bullish potentials for BTC in the long run. In the case of Bitcoin dipping below $16000 again, bearish trends may set in and pull down the crypto markets even further. A large section of analysts expects BTC to trade flat in the coming days, with decreased volatility.
BTC/USD price chart in 2022
Bitcoin is currently trading at around $16,100 on November 28, 2022, with BTC/USD down by 1.59% in the last 24 hours. BTC/USD is still trading below its 20-day EMA (17,616.79), with other altcoins also witnessing losses in the last 24 hours. The crypto community continues to patiently wait for the incoming weeks to uncover how crypto markets respond and play out in 2023.