The forecast for bitcoin price has turned bearish, as BTC has broken below the ascending channel. If BTC closes outside this channel, it is likely to drop further to $16,775. Despite a worse-than-expected US Flash Services PMI on Friday, the US session saw further selling in BTC as the market is anticipating rate hikes from the Federal Reserve and the European Central Bank.
US Economic Events Drive Price Action
according to labor department report Released on November 15, the cost of bulk products, excluding food and energy, declined. The trend can be attributed to slower demand resulting from better supply chains and higher lending rates. This supports economists’ claims that commodity prices have begun to decline.
The Producer Price Index (PPI) also indicated a moderation in inflation. A 0.6% increase in the cost of final-demand goods was reportedly responsible for the increase in the PPI excluding food, energy and business services. In October, the PPI increased by 0.2%, below the consensus estimate of 0.4%, and annualized prices fell to 8.0% from 8.4%. ,
At the end of 2022, the headline flash US PMI Composite Output Index showed 44.6, down from 46.4 in November, indicating the combined sharpest decline in business activity in two and a half years. Excluding the first pandemic period, the recession was the joint sharpest since 2009.
It appears that the crypto market is ignoring the expected worse economic events and continues to decline in response to Fed and ECB rate hike decisions.
SEC Delays ARK21Shares Spot Bitcoin ETF Decision
The United States Securities and Exchange Commission (SEC) has extended the deadline to decide whether shares of ARK 21Shares’ bitcoin exchange-traded fund should be listed on the Chicago Board Options Exchange (BZX) exchange.
It postponed a decision on whether to approve ARK Invest, a stock-picking firm run by Cathy Wood, to offer a spot bitcoin exchange-traded fund until January 27, 2023. On May 13, ARK 21Shares submitted a Bitcoin (BTC) ETF application. First time to a federal regulator.
On November 15, the SEC announced that the designation period would be extended. This year, the market regulator has rejected several proposals for bitcoin-tracking ETFs, including from Grayscale, Fidelity and NYDIG. As a result, the decision on the ARK 21Shares Bitcoin ETF has been delayed.
bitcoin price
current price of bitcoin $16,985, and a 24-hour trading volume of $22 billion. The bitcoin price has declined by more than 2.5% since yesterday. The BTC/USD pair was taking support at $17,250 during the Asian session, extended by the 50-day moving average. However, the increased bearish pressure triggered a bearish crossover below $17,200, sending the BTC/USD pair towards $16,750.
Key technical indicators such as the Relative Strength Index (RSI) and the Moving Average Convergence Divergence (MACD) are currently turning bearish, which means that bitcoin price could decline further.
The BTC/USD pair also broke an ascending channel on the 4-hour time frame, which is likely to push BTC towards $16,775, which is the double bottom support.
Altcoins with huge growth potential
For weeks now, cryptocurrency prices have been bearish, prompting some investors to look elsewhere for greater short-term potential. Here are some of the most promising upcoming sales that are ideal for early adopters looking to get in on the ground floor.
Fightout (FGHT)
One of the latest projects and pre sale in the market to fight (FGHT), a fitness app that combines real-world exercises with Web3 and the Metaverse. It tracks the work of earlier M2E platforms such as STEPN and rewards users for a variety of physical activities and healthy lifestyle choices.
Just recently launched, its pre-sale has already raised over $2 million, with $1 currently buying 60.06 FGHT tokens.
Dash 2 Trade (D2T) – Final Stage of the Presale
The project announced today that once the token auction passes $10 million, the project will begin the countdown to its first public listing on a regulated market. If the $10 million goal is reached before the end of the Phase 4 pre-sale, Dash 2 Trade will launch DASH on CEX at the end of the pre-sale.
Robotera (Tarot)
Another Ethereum-based platform, robot era (TARO), a sandbox-style metaverse that will allow players to play as robots and contribute to the creation of its virtual world. This includes creating NFT-based land, buildings and other in-game assets, as well as connecting players to other metaverses and establishing an interoperable multiverse.
1 TARO is currently available for 0.020 USDT (purchasable with USDT or ETH), but this price will increase to $0.025 in the second phase of its pre-sale. It has already raised nearly $570,000.
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