Bitcoin Witnesses One Of The Worst Monthly Close In The Last 2 Years

Bitcoin Witnesses One Of The Worst Monthly Close In The Last 2 Years by Ashly Chole last updated on December 12, 2022

Bitcoin Witnesses One of The Worst Monthly Close In The Last 2 Years

With the month of November coming to an end, Bitcoin has closed one of the worth monthly closes in the last two years. However, BTC/USD did manage to uptick as it attempted to close the November candle. On 30th November, BTC/USD managed to gain 4.5% in a single day.

But overall, the Bitcoin price dropped by 1.62% during November 2022, which was one of the worst months since 2019. Looking ahead, only the month of December is left, and if it also turns bearish, then we may see Bitcoin closing one of its worst years as well.

According to experts, the bullish candle during the last trading day of November was due to the comments from the Fed. During the Fed speech, it was made clear that interest rate hikes will become smaller from December. If this actually turns out to be true, it will be bad for the US dollar but good for equities and cryptocurrencies.

Due to the positive comments from Fed, the S&P 500 gained 3.1 while the Nasdaq gained 4.4% & during a single trading day. Similarly, Bitcoin also gained 4.5%, which tells us that Bitcoin is indeed following the footprints of the stock market.

If we look at the market's mood, there was not much of a debate on this monthly close, along with the moderate gains during the last trading day. One famous analyst said that the crypto bulbs are a little too optimistic as they go into December. He also added that the current prices were not a suitable entry point at all.

He believed that this was not the right time to put all of your money into the crypto. Many already believe that crypto has formed a bottom. But according to an expert, that's far from the truth!

Micheal, who is heading the Eight (trading firm), gave a price level of $16700 which will be an important level to watch!