Bitcoin price forecast is neutral, as it remains in a narrow trading range from $16,850 to $17,250. Investors are waiting for a solid fundamental to trigger a breakout, but once it breaks out of this range, there will likely be an incredible trading opportunity.
Therefore it is important to keep an eye on the fundamentals that may influence BTC price action.
On the day, total market capitalization All cryptocurrencies gained 0.92% to $859.91 billion, with the major cryptocurrency trading mainly in the green. Several well-known and well-known cryptocurrencies made unexpected gains this morning, even as the market continues to deal with the aftermath of FTX.
However, the bullish rally can be attributed to dovish comments from Fed Chair Jerome Powell, who suggest the central bank will slow down the pace of its interest rate hikes.
On the other hand, it was thought that the weak US dollar, which recently hit a three-month low, was a key factor in keeping bitcoin prices higher, as BTC has a strong negative correlation with the US Dollar Index. Is.
cryptocurrency market rebound
The collapse of the FTX company has caused the entire cryptocurrency market to struggle in recent days. Ever since FTX, one of the world’s largest cryptocurrency exchanges, filed for bankruptcy and it was revealed that Sam Bankman-Fried, the former CEO, may have been involved in seriously fraudulent activities, the cryptocurrency market has plummeted. Used to be.
Furthermore, BlockFi and other significant cryptocurrency businesses recently declared bankruptcy, further glooming the cryptocurrency market.
Despite this, it was able to reverse its downtrend and make a slight recovery on the day. This happened when the valuation of the two most valuable cryptocurrencies, Bitcoin (BTC) and Ethereum (ETH), crossed $17,000 and $1,200 respectively.
During this, Dogecoin (DOGE), Solana (SOL), Ripple (XRP)And Litecoin (LTC) Everyone is on the rise. especially, Aptos (APT) The token was the top gainer with a gain of over 9.5% in 24 hours.
However, the cryptocurrency market began a correction after Federal Reserve Chairman Jerome Powell announced that interest rate hikes by the central bank would be put on hold.
Markets are pricing in an 80% chance that the Fed will raise interest rates by 50 basis points at its upcoming meeting, versus a 20% chance that rates will rise by 75 basis points.
US dollar falls to multi-month low
Another important factor supporting BTC price was the weakening US Dollar, which hit a three-month low. Investors took advantage of the unexpectedly positive jobs data, which was seen as one of the key factors limiting further losses in the dollar.
However, the value of the dollar rose slightly as reports showed that businesses added 263,000 jobs in November, far exceeding forecasts by 200,000. However, the decline was short-lived as they fell to a three-month low amid a bearish trend.
CFTC Chairman Rostin Behnum Claims Bitcoin Is a Commodity
Rostin Behnum, chairman of the Commodity Futures Trading Commission (CFTC), said that only bitcoin should be classified as a commodity. Behnam shared his thoughts at a secret cryptocurrency gathering held at Princeton University.
Contrary to Behnam’s earlier belief, Ethereum is not a commodity. As a result, this news has not yet had any impact on BTC price.
bitcoin price
The current price of bitcoin is $16,991, with a 24-hour trading volume of $16 billion. The BTC/USD pair is up about 0.50% over the past 24 hours. Additionally, its value has increased by about 3% in the last week.
BTC/USD The pair has been unable to break the $17,250 level, and the presence of doji candles suggests that a bearish correction is possible.
If the price declines below $16,950, further selling is possible until it reaches the $16,750 level. This move will be the 23.6% Fibonacci retracement of the most recent high.
If bitcoin continues to decline, it could target the $16,600 level, which represents a 50% Fibonacci retracement level, and a break below this level could expose the cryptocurrency to a further decline to the $16,450 level. , which represents the 61.8% Fibonacci extension.
On the other hand, a bullish breakout above $17,250 could lead to an increase towards $17,650 and $18,100.
heavy reverse coins
Despite the market downturn, these coins have performed exceptionally well, attracting the attention of crypto whales. One of these is IMPT, whose presale is ending in just 1 week.
IMPT: 1 week to buy this $13.5 million green crypto
Another Ethereum-based platform, IMPT There is a carbon-credit marketplace that would reward consumers for shopping with eco-friendly merchants. These rewards will come in the form of its IMPT tokens, which can be used to purchase NFT-based carbon offsets that can be traded or retired.
Since starting its sales in October, IMPT has raised over $13.6 million, currently 1 IMPT is being sold at a price of $0.023. IMPT.io, a revolutionary platform for carbon offsetting and carbon credit trading, will be ahead of its time End its token pre-sale on December 11thBecause of its tremendous success.
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