Bitcoin witnesses a minor uptrend but, on the whole, trades flat

Major altcoins did not witness much movement as there was subdued interest from traders and investors.

Crypto markets witnessed little to no movement, as most cryptos traded at the same levels in the previous 24 hours. BTC witnessed a minor rally but generally traded at earlier levels. Analysts conveyed their opinions on BTC staying above $16500 to avoid bearish trends, while it needed to cross the $17150 resistance to unlock a positive buying spree in the markets. The total market capitalization of the crypto markets hovered around $840 billion as investors played safe after a volatile week.

Global macroeconomic data also yielded mixed results as central banks worldwide raised interest rates. The recently published inflation data was positive but wasn’t enough to convince central bankers to stop raising interest rates. Growth had slowed down in almost all countries, barring a few Asian economies. Borrowing costs continued to remain high, with the auto industry showing some uncomfortable data. Defaults in auto loans had increased, and monthly payments for a new car had also increased by 26% within three years.

BTC/USD price chart in 2022

Bitcoin is currently trading at around $16800 on December 20, 2022, with BTC/USD up by 2.37% in the last 24 hours. BTC/USD is trading below its 20-day EMA (16,933.40), with most altcoins trading at broadly the same levels in the last 24 hours. A few analysts remained optimistic about BTC crossing its $17000 resistance soon to end the year positively.

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