Investor sentiments are bearish on crypto owing to recent events.
Bitcoin and other altcoins have faced extreme volatility since the start of the second week of November. Amidst a huge panic sell-off in the crypto markets due to recent events, Bitcoin had plunged below $16000, which was the lowest for the crypto in 2022. It witnessed a slight uptrend of around 5% on November 10, but analysts around the world continue to remain extremely apprehensive regarding the crypto markets.
The slight rally came on the tail of the Consumer Price Index (CPI) data released by the United States, which indicated the increase in inflation was slightly below expected levels. This announcement also caused a rally in the stock markets, with Nasdaq registering its biggest one-day gain since 2020. The US dollar has shown signs of weakness for the first time in 2022, and its implications might get strewn over the crypto markets.
BTC/USD price chart in 2022
Bitcoin is trading at around $17000 on November 10, with BTC/USD up by 2.55% in the last 24 hours. Bitcoin is currently trading below its 20-day EMA (19,507.70), with other altcoins also registering declines. Analysts believe crypto markets could continue witnessing steep declines in the coming days, and volatility would be a pain.