Following the bearish breakout of the $16,900 support level, Bitcoin price prediction has turned bearish. BTC/USD opened trading at $ 16,844 on December 8, fluctuating between a high of $16,894 and a low of $16,796. Furthermore, its value has dropped by more than 2% in the last week.

Binance Fully Collateralized Bitcoin Reserves

Mazars, an auditing firm, has published a report on Binance’s cryptocurrency reserves. Binance has more Bitcoin on hand than is required to cover customer deposits, according to the tax and advisory firm. In a new report published on December 7, South African auditor Mazars revealed that cryptocurrency exchange Binance controls 575,742.42 Bitcoins (BTC) worth $9.7 billion belonging to its customers.

According to Mazars, “Binance was 101% collateralized” throughout the process. Binance has already launched a proof-of-reserves website to reassure its users following the failure of FTX. The audit, according to Mazars, provides additional evidence that Binance is not deceptive. As is customary, these proof-of-reserves exercises have some limitations.

The main requirement is that Binance is now solely focused on Bitcoin assets. If you own other cryptocurrencies, there is currently no proof-of-reserves mechanism. Binance’s announcement that its fully collateralized bitcoin reserves benefit BTC/USD pricing.

Rising Interest Rates in the United States

According to the Consumer Price Index Report, inflation in the United States increased by 0.4% in October compared to the same month last year. Inflation has caused interest rates to rise. Furthermore, after losing nearly 1,000 points since the start of the week, stocks barely rose at the start of the day.

Stock market investors are concerned about the policy discussions that will take place at the December 13 Federal Open Market Committee (FOMC) meeting. It is because the price of Bitcoin remains strongly linked to the price of stocks.

As a result, as the market reacts to the news, the upcoming CPI reporting event may cause more volatility for BTC/USD. Because of its strong correlation with the DXY and stocks, some analysts believe the BTC/USD bottom is near, while others believe there is still room for further decline.

Binance to Acquire Indonesian Crypto Exchange

The leading crypto exchange, Binance, is in talks to buy Tokocrypto, an Indonesian exchange. Tokocrypto CEO Pang Xue Kai is expected to step down following the acquisition. Xue Kai announced in September that it would lay off 20% of its workforce.

According to reports, if Binance acquires the exchange, the company will reportedly announce additional layoffs. Tokocrypto is already known to Binance.

Changpeng Zhao’s exchange invested in the business when it was Indonesia’s only legal cryptocurrency exchange two years ago. Binance is the largest centralized cryptocurrency exchange in the world.

Despite the current bear market, the exchange has lofty goals, as evidenced by its decision to expand into Asia. If Binance acquires Tokocrypto, the crypto market will benefit, and BTC/USD will rise.

Bitcoin Price Prediction – Can BTC Really Fall as Low as $5k Or Will It Bounce From Here?

On the technical front, it appears that Bitcoin will continue to fall if it trades below a major resistance level of $16,900. The $16,900 level initially served as a support zone on the 4-hour timeframe, which was extended by an upward trendline; however, the formation of Doji candles suggests the possibility of a downtrend.

Bitcoin Price Chart

Bitcoin Price Chart – Source: Tradingview

On the downside, Bitcoin’s immediate support is at $16,500, and a break below this level can send the price of BTC even lower, towards $16,000 or 15,450. I don’t think it’ll go as low as $5,000.

However, if BTC fails to continue its selling trend and instead shows a bullish break above $17,000, we can expect a nice upside movement until the $17,350 level. A further bullish breakout could push the price of Bitcoin to $17,650 or $18,000.

Bitcoin Price Prediction – Technical Levels

Support Resistance
16663.6 17080.6
16483.3 17317.3
16246.6 17497.6
Pivot Point: 16900.3

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Dash 2 Trade (D2T)

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The project will be listed on the BitMart and LBank exchanges following the presale. Even though the presale is still in its early stages, the platform is rapidly approaching the end of the final stage.

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IMPT – Presale to End In 4 Days

IMPT’s team is making the world of carbon credits much more efficient than ever before by putting carbon credits on the chain. Previously, the carbon credit system was highly opaque; it only applied to businesses, and trading with them was inefficient and out of date. Carbon credits can be sold as NFTs on the blockchain 24/7.

LBank and Changelly Pro, two centralized exchanges, will list IMPT shortly after its DEX launch. The IMPT presale has raised $15.6 million and is nearly finished. The price of the IMPT token has risen with each stage of the presale to $0.023.

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Calvaria (RIA)

Calvaria breaks the mold of traditional pay-to-win gaming by offering NFTs to customers as soon as they sign up. As a result, game participants do not need any financial or technological resources. Calvaria’s early-round crowdfunding aroused investors’ interest. The first four stages of its presale were swiftly sold out, while stage five is about 73% sold out.

Investors who want to buy 30.77 RIA tokens for USDT 1 must act fast before the presale closes. Calvaria has raised around $2.2 million since the start of the presale. When stage 5 is done, the total project funding will be $3,075,000. Traders can also employ trading signals.

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