Bitcoin Price Prediction When BTC Drops Below Key Support, Here Are The Levels You Should Keep Your Eye On
During the European session, the Bitcoin price prediction has not changed much today as BTC continues to trade above the major support level of $16,550. Given the bullish technical indicators, the market is waiting for a key signal on the chain before launching into a classic bull market.
On December 17th, the developer of Puell Multiple tweeted that he believes the current BTC price decline is coming to an end. However, not everyone is pessimistic about Bitcoin’s future, although many are predicting new BTC/USD lows of $12,000 or less this cycle.
Two important events in the chain, according to Puell, are already present and will be decisive for the BTC price to rise again.
Despite Bitcoin falling nearly 70% from its all-time high, many long-term holders (LTHs) are still holding on to their coins. Short-term “speculators” have also been hit hard by today’s drop in prices.
Puell believes that a boost in network activity across the board is all that is missing.
Mazars Group stops cooperation with all crypto firms
Mazars Group, an accounting firm, has temporarily stopped serving cryptocurrency clients. Immediately after the international accounting firm published “proof of reserve” reports for many cryptocurrency exchanges, Binance, KuCoin and Crypto.com decided to cut ties.
The move comes as major cryptocurrency exchanges try to establish their financial stability and demonstrate that they can meet withdrawal demands without going bankrupt.
Binance and Crypto.com’s respective CEOs have made efforts to separate their companies from FTX, which has been accused of misusing consumer funds for years before filing for bankruptcy.
Sam Bankman-Fried, who started the company, has been charged with numerous counts of fraud and money laundering. Due to concerns over the accuracy of the Trump Organization’s financial records, Mazars cut ties with the company in February.
Mazars Group said in a statement to CNBC that it had “paused work related to the issuance of Proof of Reserve reports for companies in the cryptocurrency sector” due to “concerns about the way the public understands these reports.”
This adds to the bearish pressure on the cryptocurrency market and keeps BTC bearish.
Bitcoin price prediction
Bitcoin’s current price is $16,730, and its 24-hour trading volume is $22 billion. Bitcoin’s price has fallen almost 1.5% since yesterday.
On Saturday, the BTC/USD pair is expected to find immediate support near $16,560. Because the RSI and MACD indicators are in the oversold zone, BTC prices may rise to the 23.6% Fibonacci retracement level of $17,000.
Further up, the BTC/USD pair is likely to face fresh resistance at $17,250, a level that has been extended by the 38.2% Fibonacci retracement point and the 50-day simple moving average.
On the other hand, a break below $16,570 could expose BTC to $16,150.
Alternative coins with high profitability
Given the current risk-off sentiment in the cryptocurrency market, a few coins are making headlines. Let’s check them out!
FightOut (FGHT) – Pre-launches
FightOut, a brand new move-to-earn (M2E) fitness app and fitness chain that aims to bring the fitness lifestyle to the web3, has launched its pre-sale, and investors believe the project has the ability to transform the existing web3 M2E landscape.
While existing M2E apps like StepN only track steps and require expensive non-fungible token (NFT) purchases to participate, FightOut takes a more comprehensive approach to tracking and rewarding users for exercise and activity, requiring no expensive buy-ins .
FightOut’s FGHT tokens are currently selling for 60.06 USDT per 1 USDT, and interested investors should act quickly to secure their tokens, as the pre-sale raised over $2.8 million in just a few days. The FGHT token will power the FightOut crypto ecosystem.
Visit FightOut Now
Dash 2 Trade (D2T) – Pre-sale enters final phase
Dash 2 Trade is a promising crypto trading platform startup for anyone who wants to invest in. The upcoming analytical and social trading platform intends to take the crypto trading sector by storm with its unique features.
Features include trading signals, on-chain social sentiment and indicators, a pre-sale token scoring system, a token listing alert system, and a strategy backtesting tool. The D2T token will fuel the Dash 2 Trade ecosystem, which users must buy and hold to enjoy the platform’s services.
Dash 2 Trade is now hosting a token presale at drastically reduced prices, with sales recently exceeding $10 million. The pre-sale dashboard will go live on Friday, and the development team is already ahead of schedule. Tokens are currently available for purchase at $0.0533 per token and will be listed on a number of centralized exchanges over the next month.
Visit Dash 2 Trade here
Calvaria (RIA) – last pre-sale phase now
RIA, a new game to earn fighting card crypto game, maybe an opportunity. Calvaria’s goal is to improve crypto acceptance by creating a bridge between the real world and crypto in the form of a fun and easy to play crypto game. Investors can explore Calvaria’s RIA token presale.
Calvaria has now received $2.47 million and is nearing the end of its fundraising campaign, with only 20% of its tokens remaining.
Visit Calvaria now
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