At the moment, most professional traders are bearish on Bitcoin and most altcoins.
A host of global events are shaping the markets for Bitcoin and other altcoins at the moment. With a looming recession, interest rate hikes, and incoming midterm elections in the United States, global financial and crypto markets are in a sea of uncertainty. Almost five months have passed since Bitcoin rallied above $25000, and investors are not positive about the immediate future either.
Between November 3 and November 5, Bitcoin registered a brief rally before settling down around $20,500. This indicated the reluctance of traders to maintain a long position. On the other hand, while the situation didn’t do much to induce panic among investors, it still fell short of increasing confidence among the community.
BTC/USD 3 month price chart
Bitcoin is trading at around $19700 on November 8, with BTC/USD down by 4.93% in the last 24 hours. Bitcoin is currently trading below its 20-day EMA (19,914.89), with other altcoins also registering brief declines. The $20,000 around levels are expected to continue acting as an immediate support point.