Bitcoin Price Prediction As BTC Backs Up To $16,500 And Get Ready For A Big Move - Here's Where It Heads Next

Bitcoin Price Prediction As BTC Backs Up To $16,500 And Get Ready For A Big Move – Here’s Where It Heads Next

bitcoin It failed to sustain its upward trend on November 24 and it fell below $16,650 though. Doves release FOMC Minutes of the meeting. Members of the Federal Open Market Committee (FOMC) voted in early November to raise interest rates by 75 basis points, or 0.75%. However, Federal Reserve Chairman Jerome Powell stated in a press conference that a slower rate would be appropriate soon.

On November 24, the Federal Reserve tweeted about the minutes of the FOMC meeting held on November 1-2, 2022. The minutes contain information about future interest rate trends, which is critical to determining the value of risky assets such as stocks and cryptocurrencies.

According to the FOMC minutes, the “vast majority” of Fed members expect a slowdown “soon” in interest rate increases. The minutes also noted that Chairman Jerome Powell’s post-meeting call for “higher rates for longer” was controversial, causing the greenback and Treasury yields to fall while stocks rose.

However, the buy-to-go variables for Bitcoin and Ether, which measure the cost of bullish calls versus bearish puts, remain in the negative range, indicating a bias in favor of options.

Moreover, the majority of respondents in the Open Market Bureau survey expected that the December meeting would result in a 50 basis point increase in the target range for the federal funds rate. BTC/USD price increased after the information was published.

Gox Bitcoin Mountain has woken up

The 2014 Gox mountain hack made headlines when 65 BTC was transferred to the exchange’s HitBTC. On November 22, a Bitcoin wallet linked to the BTC-e exchange began trading. Since August 2017, the wallet related to the 2014 Mt.Gox hack has completed its massive transactions.

A total of 10,000 BTC, worth about $167 million, was sent to unknown recipients. The sender split the transactions and transferred $3,500 BTC to other wallets. The remaining 6,500 BTC has been sent to a single address.

Ki Young Ju, founder of CryptoQuant, tweeted about the observed Bitcoin transfers on November 24. He explained that it wasn’t a government auction or anything like that because HitBTC recently paid out 65 BTC. He then suggested that the exchange suspend the account due to suspicious activity.

Data holders cannot use KYC because it has been corrupted during multiple transactions. Moreover, Ki Young Ju mentioned that the ancient Bitcoin was created during the chaotic period. As a result, it is negative for BTC/USD.

New York has passed legislation banning bitcoin mining operations

Earlier this week, New York Governor Kathy Hochul signed a law banning the use of carbon-based energy in some bitcoin mining operations. Over the next two years, a proof-of-work mining company will not be able to expand, renew permits, or allow new competitors to begin operations unless it fully utilizes renewable energy.

In the proof-of-work (PoW) mechanism that underpins Bitcoin, miners compete to process new transactions. The law seeks to assess and mitigate the negative environmental impacts of industry.

Bitcoin price

Present Bitcoin price It is $16,509, and the 24-hour trading volume is $29 billion. Bitcoin has gained less than 0.5% over the past 24 hours. CoinMarketCap It now ranks first, with a direct capital of $346 billion. It has a total amount of 21,000,000 BTC coins and a circulating supply of 19,215,887 BTC coins.

Bitcoin Price & Tokenomics – Source: coinmarketcap

Bitcoin is currently gaining momentum towards the $16,600 level. Candles that close above this level indicate a bullish turn. A bullish engulfing cross and closing above the $16,350 barrier shows that the uptrend may continue.

As a result, the continuation of the positive pressure could push the price towards the $17,180 resistance. If the $17,180 level is breached again, there could be more buying opportunities until the $18,650 level, which is a 38.2% Fibonacci extension.

Bitcoin Price Chart – Source: Tradingview

We might expect the rally to continue as both the RSI and MACD are in overbought territory. If $17,000 is breached, BTC could drop to $17,600.

On the downside, Bitcoin’s support level is located at $16,000, and a breach of this level could lead the coin to $15,670.

Pre-sale of cryptocurrencies with huge profits

Even though the market is down, some coins have huge upside potential. Let’s check them out closely.

Dash 2 Trade (D2T)

Dash 2 Trading It is an Ethereum-based trading intelligence platform that provides traders of all skill levels with real-time insights and social data, helping them to make better informed decisions.

D2T only started selling tokens a few weeks ago and has already raised over $6.9 million. After the pre-sale, D2T will be listed on LBank and BitMart, which experts expect a significant increase in asset prices soon after.

The current value of 1 D2T is $0.0513, but it will rise to $0.0533 in the next stage of sales and $0.0662 in the final stage.

Visit Dash 2 Trade now

Calvaria (RIA)

Calvaria It is an exciting new cryptocurrency gaming project that has the potential to dominate the gaming market for profit. Calvaria developers have identified two major barriers to widespread adoption of Web3 games. While investors see the potential of Web3 gaming, users don’t.

Promisingly, it enables players to play it without holding any cryptocurrency, which could help make it more popular than other cryptocurrency-based games.

RIA will be used in its ecosystem to purchase in-game items and for storage, giving it a strong use case. The pre-sale of the token raised $1.9 million and is currently in its fourth phase, where 40 RIAs can be purchased for 1 USDT.

Visit Calvaria Presale now

RobotEra (TARO)

For investors who value the Metaverse, Tarot It is a digital asset to watch. Origin is the original code for RobotEra, a world-built Metaverse platform that allows players to access its system through avatars.

Each user can buy land and real estate and contribute to the overall appearance of the virtual world. There are also Community Metaverses in RobotEra where users can participate in community activities such as sports and games, as well as contests.

1 TARO is currently selling for $0.020 (it can be bought with USDT or ETH), although this price will increase to $0.025 in the second phase of the pre-sale, which will start soon.

Buy TARO on Presale now.

Find the best price to buy/sell a cryptocurrency

Cryptocurrency Price Tracker – Source: Kryptonose

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