Arslan Butt
The Bitcoin price prediction remains neutral as BTC has oscillated between $16,500 and $17,000 since November. To keep the crypto market rising, BTC must maintain its critical level above $16,800. However, bearish sentiment might return to the market if the BTC price drops below $16,500.
Bitcoin (BTC), the world’s most popular cryptocurrency, managed to extend its modest gains and remained steady above the $16,800 level on the day. It has maintained its positive stance even after the release of the United States third-quarter GDP figures, which revealed an upward upgrade to 3.2% from the previously reported 2.9%.
US GDP numbers come in higher than expected and the markets do this pic.twitter.com/38dA9cakr4
— lines down (@lines_down) December 22, 2022
After reaching record highs in late 2018, cryptocurrencies have had a difficult year due to a variety of factors, including the Fed’s tightening of policies, as well as the collapses of the Terra/Luna ecosystem, hedge funds Three Arrows Capital, and exchange FTX. This is why it will be difficult for the crypto market to return to high levels.
Bitcoin, the most widely used cryptocurrency, shows signs of recovery and is supported by the mildly bullish crypto market. Meanwhile, the fact that investors have started making large transactions may be behind BTC’s modest increase.
Although the traditional stock market is feeling the effects of the escalating Covid situation, the crypto market seems to be safe for the time being. The cryptocurrency market as a whole, however, is relatively calm, with only minor price fluctuations. In this way, the growing Covid crisis may help restrain the value of digital currencies.
Nifty down and Pharma up, also news of covid outbreak in China, USA, Japan, Korea, Brazil. Hope so this is not connected.#StockMarket #stockmarketupdate #StockNews pic.twitter.com/r46d2S45zR
— Mohit Karnani (@mohitt007) December 21, 2022
Recovering Crypto Market
The global cryptocurrency market is green and has been bolstered by increased volumes as investors have begun to make larger transactions, which is supporting the market. On Friday, Bitcoin (BTC) and Ethereum (ETH), the world’s most popular cryptocurrencies, managed to hold steady between $16,000 and $1,200.
Dogecoin (DOGE), on the other hand, emerged as the biggest gainer of the bunch, gaining more than 5% in 24 hours. Aside from that, cryptocurrencies such as Litecoin (LTC) and Ripple (XRP) have seen increases across the board.
Recovering Digital Assets | What Needs To Be Done?https://t.co/vLYD8v8PfO
The crypto market is currently in a holding pattern between the likelihood of a deeper crash and a shaky recovery. But before crypto markets get back on track and regain trust, pic.twitter.com/sMOFDQ9XxM
— Corleone (@Corleon30024632) December 22, 2022
Therefore, the recovering crypto market has been seen as one of the key factors that kept the BTC prices stable.
Long BTC Liquidations
Since January 25, Bitcoin has had 270,000 long positions and 159,000 short positions. According to CryptoSlate’s analysis of glassnode data, long positions in Bitcoin (BTC) were far more common in 2022 than in short positions. Since January 25, there have been 270,000 long and 159,000 short BTC liquidations.
It could be argued that investors’ attitudes have been influenced by both catastrophic incidents this year, such as Terra and FTX failures, and macro developments, such as the war in Russia and Ukraine.
Long BTC liquidations dominated majority of 2022https://t.co/8cT4edz2nB
GameFi News pic.twitter.com/e9Th2lB7Bg— CryptoNews LIVE. (@CryptoNews_LIVE) December 23, 2022
Following the Terra crash, which triggered the bear market, long BTC positions increased dramatically. Long-term Bitcoin investors began to sell their holdings around the month’s end, according to data from October. As a result, the news has so far had little impact on Bitcoin prices.
US Dollar Keeps Bitcoin Price Prediction Unchanged
The broad-based US dollar has been consolidating on Friday and was little changed in the early trading session as investors assessed the outlook for interest rates following the announcement of stronger-than-expected US economic data on Thursday.
The release of US third-quarter GDP figures, which indicated an upward adjustment to 3.2% from the previously reported 2.9%, has had no significant influence on US dollar prices thus far.
US economic growth in the third quarter was stronger than previously estimated, reflecting upward revisions to consumer spending and business investment https://t.co/uhprMYJmTl
— Bloomberg Economics (@economics) December 22, 2022
Meanwhile, the US Census Bureau reported that durable goods orders fell 2.1%, or $5.8 billion, in November to $270.6 billion. This report was worse than the 0.6% decline predicted by the market and followed October’s 0.7% growth.
⚠️BREAKING:
*U.S. NOVEMBER DURABLE GOODS ORDERS TUMBLE -2.1%; EST. -0.6%; PREV. +0.7%
— Investing.com (@Investingcom) December 23, 2022
On the other hand, according to data released on Friday by the US Bureau of Economic Analysis, the personal consumption expenditures (PCE) price index decreased from 6.1% in October to 5.5% in November.
Renewed Covid Crisis
The COVID cases are now spreading throughout China, affecting practically everything. The stock markets are already feeling the effects of this, but the cryptocurrency market appears to be safe from the threat posed by the new COVID type for the time being.
Investors will be on high alert as they prepare for the next round of economic sluggishness caused by COVID. Because of this, any more bad news about the Chinese COVID regulations could hurt cryptocurrencies.
Bitcoin Price Prediction
The BTC/USD is currently trading at $16,855, with a 24-hour volume of $16 billion. The value of Bitcoin has risen by 0.16% in the past day.
With a current market cap of $324 billion, Bitcoin is clearly in the lead. There are a total of 21,000,000 BTC, with 19,241,381 currently in circulation.
Bitcoin reclaimed $17,000, more than doubling its previous high. In this scenario, the closing of the candles keeps BTC under selling pressure. A positive breakout of the $17,000 barrier may expose Bitcoin’s price to $17,350, with the next obstacle expected to be around $18,000.
A bearish breach of the $16,600 support level may allow for continued selling till $16,250 or $16,100; a bearish break of this level may expose BTC to $15,650.
The market currently has a mixed bias, according to the MACD and RSI indicators. The RSI suggests that the market is oversold, while the MACD suggests that there may be some upward momentum. These contradictory indications may make predicting the market movement challenging.
Finally, the candles closing below the 50-day simple moving average indicate that the downtrend may continue.
Top Altcoins to Buy are FGHT, D2T, and CCHG
To avoid additional losses, many bitcoin traders seek to advice on how to invest their assets. Because bitcoin markets are still volatile, some people are waiting for them to rebound. While Bitcoin is the original and most well-known cryptocurrency, investing in the finest altcoins may produce superior benefits.
FightOut (FGHT) – Presale Now On
FightOut is a unique workout app and physical gym chain that aims to disrupt the move-to-earn (M2E) market. The network will address issues with applications such as STEPN, which merely counts steps and has been chastised for using pricey NFTs and a reward system that should employ more NFTs to give individuals more reasons to move.
More specifically, the team is pioneering “move to earn,” in which one’s exercises are recorded and tracked in real-time, and the user is eligible for FGHT token awards. So far, the presale has been a huge success, attracting a lot of interest from the local community.
Dash 2 Trade (D2T)
Dash 2 Trade is a new project that brings together all of the most relevant and useful trading tools to enable traders to trade as efficiently as possible. So far, the presale has gone well, with the team raising about $10.5 million.
The presale is nearly complete, and the first central exchange listing has just been announced for January 11th. The team has already agreed to sign exchange listings with Changelly, LBank, and BitMart.
C+Charge (CCHG)
CCHG is currently working on a blockchain-based peer-to-peer (P2P) payment system for electric vehicle charging stations, which will allow EV drivers to earn carbon credits. C+Charge proposes to improve carbon credits’ role as a primary incentive for EV adoption.
Currently, prominent EV manufacturers such as Tesla profit handsomely from the sale of carbon credits to polluters. C+Charge intends to make the carbon credit market more equitable by extending these benefits to EV owners rather than just large corporations.
C+Charge has started a pre-sale of the CCHG token, which will be used to pay for EV charging stations on its network. Tokens are now selling for $0.013, but this will have climbed by 80% by the end of the presale. As a result, investors who wish to be among the first to join in a viable, green cryptocurrency effort should act immediately.
Related
- Bitcoin Price Prediction 2022 – 2030
- How to Buy Bitcoin – Beginner’s Guide
- How to Invest in Bitcoin – Beginner’s Guide
Fight Out - Next Big Train-to-Earn Crypto
- Backed by LBank Labs, Transak
- Earn Rewards for Working Out
- Level Up and Compete in the Metaverse
- Presale Live Now - $5M Raised
- Real-World Community, Gym Chain
This article was written for Business 2 Community by Arslan Butt.
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