Bitcoin Price Prediction As BTC Climbs Back Up $16,500 And Prepares For A Big Move – Here’s What’s Going On
Bitcoin failed to sustain its uptrend on November 24, falling below $16,650 despite the release of dovish FOMC meeting minutes. Members of the Federal Open Market Committee (FOMC) voted in early November to raise interest rates by 75 basis points, or 0.75%. However, Fed Chair Jerome Powell stated at a press conference that a lower rate would soon be appropriate.
On November 24, the Federal Reserve tweeted about the minutes of the FOMC meeting held on 1-2. November 2022. The minutes contain information on future interest rate trends, which is crucial in determining the value of risky assets such as stocks and cryptocurrencies.
According to the FOMC minutes, a “Substantial Majority” of Fed members expect an “imminent” reduction in rate hikes. The minutes also indicated that Chairman Jerome Powell’s post-meeting call for “higher interest rates for longer” was moot, sending the U.S. currency and Treasury yields lower while stocks rose.
However, put-call variables for Bitcoin and Ether, which measure the cost of bullish calls versus bearish puts, remain in negative territory, indicating a bias in favor of options.
Furthermore, the majority of respondents to the Open Market Desk survey predicted that the December meeting would result in a 50 basis point increase in the target range for the federal funds rate. The price of BTC/USD increased after the information became public.
Mt. Gox Bitcoin Awakened
Mt. Gox breach in 2014 made headlines when 65 BTC was transferred to the exchange HitBTC. On November 22, a Bitcoin wallet linked to the BTC-e exchange began trading. Since August 2017, the 2014 Mt. Gox hack-related wallet completed its huge transaction.
A total of 10,000 BTC, worth approximately $167 million, was sent to two unidentified recipients. The sender split the transactions and transferred USD 3500 BTC to other wallets. The remaining 6500 BTC was sent to a single address.
Ki Young Ju, the founder of CryptoQuant, tweeted about the observed Bitcoin transfers on November 24. He clarified that it was not a public auction or anything like that because HitBTC was recently paid 65 BTC. He then suggested that the exchange suspend the account due to suspicious activity.
Holders cannot use KYC because it has been broken during multiple transactions. Furthermore, Ki Young Ju stated that old Bitcoin was created in a time of lawlessness. As a result, the movement was negative for BTC/USD.
New York passed legislation banning Bitcoin mining
Earlier this week, New York Governor Kathy Hochul signed legislation banning the use of carbon-based energy in some bitcoin mining operations. Over the next two years, a proof-of-work mining company will not be able to expand, renew permits or allow new competitors to start operations unless it uses fully renewable energy.
In the proof-of-work (PoW) mechanism that underpins Bitcoin, miners compete to process new transactions. The Act seeks to assess and mitigate the negative environmental consequences of the industry.
Bitcoin price
The current Bitcoin price is $16,509, and the 24-hour trading volume is $29 billion. Bitcoin has increased by less than 0.5% in the last 24 hours. CoinMarketCap now ranks first, with a live market cap of $346 billion. It has a total supply of 21,000,000 BTC coins and a circulating supply of 19,215,887 BTC coins.
Bitcoin is currently increasing towards the $16,600 level. Candles that close above this level signal a bullish reversal. A bullish engulfing that cuts through and closes above the $16,350 barrier shows that the bullish trend may continue.
As a result, continued positive pressure may push the price up to the resistance level of $17,180. If the $17,180 level is breached again, there may be more buying opportunities to the $18,650 level, which is extended by the 38.2% Fibonacci retracement level.
We can expect the rise to continue because the RSI and MACD are both in a buy zone. If the $17,000 milestone is breached, BTC could fall to $17,600.
On the downside, Bitcoin’s support level is at $16,000, and a breach of this level could send the currency as low as $15,670.
Cryptocurrency pre-sale with massive profits
Despite the market’s downturn, a few coins have tremendous upside potential. Let’s check them more closely.
Dash 2 Trade (D2T)
Dash 2 Trade is an Ethereum-based trading intelligence platform that provides traders of all skill levels with real-time statistics and social data, helping them make better informed decisions.
D2T started selling tokens just a few weeks ago and has already raised more than $6.9 million. After the pre-sale, D2T will be listed on LBank and BitMart, with experts predicting a large increase in the asset price soon after.
The current value of 1 D2T is 0.0513 USDT, but this will rise to $0.0533 in the following selling stage and $0.0662 in the closing stage.
Visit Dash 2 Trade now
Calvary (RIA)
Calvaria is an exciting new cryptocurrency game project that has the potential to dominate the play-to-earn market. Two major barriers to widespread Web3 game adoption have been identified by Calvaria developers. While investors see the potential of Web3 games, users do not.
Promisingly, it enables players to play it without having any cryptocurrency, which could help make it more popular than other crypto-based titles.
RIA will be used in its ecosystem for purchasing in-game items and for staking, giving it a strong range of uses. The pre-sale for the token has raised $1.9 million and is currently in its fourth phase, where 40 RIA can be purchased with 1 USDT.
Visit the Calvaria Presale now
RobotEra (TARO)
For investors who appreciate the Metaverse, TARO is a digital asset to keep an eye on. The asset is the original token for RobotEra, a world-building Metaverse platform that allows players to access the system through avatars.
Each user can buy land and properties and contribute to the overall appearance of the virtual world. There are also community metaverses in RobotEra where users can participate in communal activities such as sports and games, as well as competitions.
1 TARO is currently sold for 0.020 USDT (it can be purchased with either USDT or ETH), although this price will rise to $0.025 in the second phase of the pre-sale, which will begin soon.
Buy TARO on pre-sale now.
Find the best price to buy/sell cryptocurrency
