At the moment, almost all analysts are bearish on crypto.
Bitcoin has rallied downwards to new lows after a series of unfortunate events in the crypto space involving two exchanges. Analysts have not expressed any optimism, and the crypto markets are expected to go further down. A sense of panic has gripped the markets, and investors have resorted to panic selling.
This huge sell-off in the crypto markets emulates the crash in May 2022, which led to the eventual demise of LUNA. Moreover, the crypto community has dealt with backlash and negative sentiments due to the unavailability of a worldwide crypto regulation framework. Most countries have differed on framing rules for crypto, which has negatively affected the industry. It has led to a deep sense of suspicion amongst investors.
BTC/USD 3 month price chart
Bitcoin is trading at around $16600 on November 10, with BTC/USD down by 9.47% in the last 24 hours. Bitcoin is currently trading below its 20-day EMA (19,536.36), with other altcoins also registering steep declines. The $12,000 around levels are expected to act as an immediate support point.