Analysts expressed positivity on the crypto’s slight recovery.
After a tumultuous week, the crypto markets heaved a sigh of relief as they witnessed a market-wide recovery. Major altcoins and Bitcoin registered gains while analysts remained hopeful about further recovery. Experts have offered a few reasons why the small recovery may have occurred.
With the job scenario in the United States being better in recent times, investors expect the Federal Reserve to roll out smaller hikes in the future. This could lead to positive sentiments in the stock markets and spill over to the crypto markets. The crypto markets have been mimicking the equity markets for a while, and this could continue. Analysts also believe that the sell-off for BTC could have been done with, and a bullish outlook could again be harbored by long-term investors.
BTC/USD price chart in 2022
Bitcoin is currently trading at around $16,400 on November 23, 2022, with BTC/USD up by 1.76% in the last 24 hours. BTC/USD is still trading below its 20-day EMA (18,228.44); however, other cryptos have also witnessed similar bullish trends in the last 24 hours. Experts have continued to maintain their stand that BTC could not be affected negatively in the long run due to the failure of a few stand-alone exchanges.