in our asian session bitcoin price prediction, we predicted that BTC would drop further to meet the 61.8% Fibonacci retracement level at $17,440 before rebounding. BTC has declined to trade near $17,500; A candle close above this level could result in a bullish bounce.
Aggressive FOMC and Fed rate hike decisions could be one of the main reasons driving the bearish trend in Bitcoin.
After seeing a rise in inflation, the Federal Reserve raised interest rates again on Wednesday to 4.5%. The Fed’s interest rate forecast may be more optimistic than expected. Almost everyone across the board agrees that an interest rate of a little over 5% is reasonable for next year.
Even though Powell has acknowledged that no one can predict when a recession will strike, the Federal Reserve has been more dovish than many anticipate. The Fed news had a negative impact on the markets and bitcoin. As things stand, a dovish Fed could prompt a temporary selloff in the markets.
ECB follows Fed and raises rates to 2.50%
Apart from the Federal Reserve, the European Central Bank (ECB) at its meeting on Thursday decided to raise its key rate by only a quarter percentage point, from 1.5% to 2%.
In addition, starting in March 2023, the company plans to reduce its balance sheet by an average of €15 billion ($16 billion) every month until the end of the second quarter of 2023.
The crypto market remains pessimistic due to the dovish stance of the FOMC, but there are some positive developments that could boost the price.
Hong Kong Exchange Launches Bitcoin and Ether Futures ETF Tomorrow
This coming Friday (16 December), the Hong Kong stock market will reportedly welcome the introduction of two exchange-traded funds (ETFs) that track bitcoin futures contracts listed in the United States. The product will be the first exchange-traded fund (ETF) in Asia to hold bitcoin and ether as the underlying assets.
a report from reuters States that the ETF will mirror the performance of futures traded on the Chicago Mercantile Exchange. The CSOP Bitcoin Futures ETF and the CSOP Ether Futures ETF raised a total of $73.6 million, including $53.9 million from the former.
Yi Wang, head of quantitative investment at CSOP Asset Management, sees the move as evidence that Hong Kong has stayed on course in its crypto journey.
Despite the recent liquidity issues that have plagued many cryptocurrency exchanges, Hong Kong still supports the development of virtual assets, as seen from the launch of two exchange-traded fund (ETF) products dedicated to cryptocurrencies.
Let’s take a look at the technical side of the market!
bitcoin price
current price of bitcoin $17,474, and a 24-hour trading volume of $25 billion. BTC price is down by over 3% since yesterday. Bitcoin is trading with a downside bias despite overcoming an important resistance near $18,150. However, bitcoin declined below the $18,000 level after the announcement of Fed and ECB rate hikes. This suggests that the selling spree may continue.
Key technical indicators such as Relative Strength Index (RSI) and Moving Average Convergence Divergence (MACD) are currently positive, which suggest that bitcoin price could move higher after completing the Fibonacci retracement level at $17,440.
The next major resistance for bitcoin lies at $18,125; A break above this level could lead to additional gains and the price towards $18,600.
On the downside, bitcoin price may find support near $17,440. This level previously acted as a barrier, and it is likely to keep BTC’s bullish trend intact.
On the other hand, a bearish crossover below this area could drag BTC price below $16,850.
Dash 2 Trade (D2T) – Final Stage of the Presale
The project said today that once the token sale reaches $10 million, it will begin a countdown to its first 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.
Trevor Main, Dash2Trade’s Community Manager, will be conducting an AMA (Ask Me Anything) on Coinsniper Telegram on Thursday, December 15 at 17:00 UTC.
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. It covers the development of NFT-based land, buildings and other in-game assets, as well as the game’s objective of connecting players to other metaverses and creating an interoperable multiverse.
1 TARO is currently being offered for 0.020 USDT (it can be acquired with USDT or ETH), however, this price will increase to $0.025 in the second phase of its pre-sale. It has already collected around $553,000.
Fightout Token (FGHT)
to fight An innovative M2E ecosystem that provides tailored and actionable health recommendations. Token rewards are the primary means through which the FightOut initiative hopes to motivate its members to improve and improve their fitness routines.
Excessive gym memberships, absence of social interaction, and poorly designed workout routines are just some of the problems that the FightOut team has identified as affecting the fitness sector at large. To mitigate these issues, the FightOut team created and released an app called FightOut, which has the added bonus of letting users make money.
On December 12, a crypto pre-sale began, with early buyers receiving 60% of the available tokens. FGHT has launched over 1.8 million tokens to date.
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