Most traders are hoping Bitcoin doesn’t crash below $17000.
The markets for Bitcoin and other Altcoins have been facing extreme volatility since the start of the week. Amidst global economic turmoil and panic in the crypto space due to recent events, Bitcoin has plunged to new lows. Meanwhile, the US stock markets have been comparatively optimistic, with minimal gains owing to optimism regarding the midterm elections. This breaks Bitcoin’s short-term streak with a pattern similar to the stock markets.
Investors fear that a decline in the world economy could worsen the situation for crypto even further and induce a sell-off in panic mode. The current lows of Bitcoin mirror the same of May 2022, post the collapse of LUNA. Inflation in the United States has also been rising steadily, posing a risk to the entire crypto market. Post a record number of retail investors joining the crypto space in 2021, 2022 has been flat, with most exiting their investments.
BTC/USD 3 month price chart
Bitcoin is trading at around $18400 on November 9, with BTC/USD down by 6.94% in the last 24 hours. Bitcoin is currently trading below its 20-day EMA (19,824.56), with other altcoins also registering brief new lows. Analysts around the world continue to monitor the situation closely.