Skip to content Skip to sidebar Skip to footer

The price of Bitcoin remains below $17,000 following the release of UK inflation figures. which came back higher than expected. Most altcoins in the market have also followed suit as traders remain in a wait-and-see mode.

Bitcoin is currently trading at $16,740 after starting the day at $16,886. BTC has been hovering between $16,761 and $17,002 in the past 24 hours as the recent Russian-Ukrainian conflict has pushed prices down.

Escalating conflict in Ukraine fears driving prices down

The main worry about the war in Ukraine is that it could escalate into a wider confrontation between Moscow and the US-led NATO alliance. The deadly missile strike on a Polish village on the Ukrainian border intensified this fear.

At 3:40 p.m. Tuesday, a a missile hit Przewodówa town in southeastern Poland not far from the Ukrainian border, killing two farm workers, according to local media.

The United States has since said it believes the missiles came from Ukraine, allaying fears of an escalation in the war. However, uncertainty has always caused a sell-off in global markets.

Producer Price Index (PPI) Report

According to the Department of Labor report published on November 15, the cost of wholesale products, excluding food and energy, has decreased. The trend may be due to improving supply chains and slowing demand caused by higher borrowing rates. This bolsters economists’ claims that the prices of goods had begun to fall.

The producer price index (PPI) also indicated a slowdown in inflation. The 0.6% increase in the cost of final demand items would be responsible for the increase in the PPI, excluding food, energy and commercial services. In October, the PPI rose 0.2%, less than the consensus estimate of 0.4%, and annual prices rose from 8.4% to 8.0%.​

Due to lower-than-expected PPI data, the crypto market surged and prices rose. BTC/USD started rising in value soon after the announcement. The crypto market rose and prices rose due to lower-than-expected PPI data. Shortly after the announcement, the value of BTC/USD started to rise.

Crypto Prices Gain Support as US Dollar Cools

After a parabolic rise throughout 2022, the US Dollar Index is starting to show signs of cooling. The most recent CPI and PPI data showed that the Fed was making significant progress in controlling inflation.

If the current momentum continues, investors might see the decline in the DXY as a reason to increase their exposure to risky assets such as cryptocurrencies.

At the time of writing, DXY was at 106, down 0.25%. Historically, a decline in the DXY corresponds to a rally in the price of Bitcoin. If DXY continues to decline, BTC could rally above $20,000 in the coming weeks.

SEC delays decision on ARK 21Shares Spot Bitcoin ETF

The U.S. Securities and Exchange Commission (SEC) has extended the deadline to decide whether shares of ARK’s bitcoin exchange-traded fund 21Shares should list on the Chicago Board Options Exchange.

He postponed the decision until January 27, 2023.

On May 13, ARK 21Shares submitted the Bitcoin (BTC) ETF application to the federal regulator for the first time. On November 15, the SEC announced that the designation period would be extended.

This year, the market regulator rejected many proposals for Bitcoin-tracking ETFs, including those from Grayscale, Fidelity, and NYDIG.

bitcoin price prediction

At the time of writing, the price of Bitcoin is $16,649, with a 24-hour trading volume of $34 billion. Bitcoin has fallen around 1% in the past day and currently holds a market capitalization of $349 billion.

Bitcoin Price and Tokenomics – Source: Tradingview

The technical outlook for Bitcoin has not changed much as it is still trading in line with our previous bitcoin price prediction.

Bitcoin is consolidating in a broad trading range between $16,000 and $17,200, with a breakout determining future price action. Bitcoin made a 38.2% Fibonacci retracement at the $18,100 level within the 4-hour time frame and has now fallen below the 23.6% Fibonacci level of $17,250.

On the downside, Bitcoin’s immediate support is $17,250, and a continuation of the downtrend could push the price down to the $15,850 support level. Given that the RSI and the 50-day moving average indicate a bearish bias, we could see the price of BTC drop to $15,850 if the current support cannot hold.

Bitcoin price chart – Source: Tradingview

The MACD, on the other hand, is in a buy zone, but the most recent histograms are narrowing, indicating a weakening bullish bias. That said, selling can be seen today below the $17,250 level.

Increased demand for BTC, on the other hand, has the potential to breach the $17,250 resistance and push the BTC/USD price to $18,250 and higher towards $20,000.

Top Crypto Coins in pre-sale

Trade Dash 2 (D2T)

Dash 2 Exchange is an Ethereum-based trade intelligence platform that provides traders of all skill levels with real-time analytics and social data, enabling them to make more informed decisions.

It began its token sale three weeks ago and has since raised over $6.3 million. It also confirmed its first CEX listing on LBank Scholarship.

1 D2T is currently worth 0.0513 USDT, but it is expected to reach $0.0533 in the next stage of sales and $0.0662 in the final stage.

Visit Dash 2 Trade now

Calvary (RIA)

Calvary is a new cryptocurrency gambling project with the potential to dominate the gambling market to win. Calvaria developers have identified that one of the main obstacles to the widespread adoption of Web3 games is that the games require users to have technical knowledge of crypto. This means that a lot of users are left behind.

As such, Calvaria allows users who do not hold cryptocurrency to play the game, setting it apart from the competition and allowing a whole new audience to get involved.

Calvaria’s pre-sale is gaining momentum, with the project already in stage 4 of 10 and nearly $1.7 million in funding.

1 RIA token currently costs $0.025, but this will gradually increase with each subsequent stage of the presale which is currently in stage 4.

Visit Calvaria in presale now

RobotEra (TARO)

RobotEra (TARO) is another project that has the potential to change the gaming community and the virtual world. The presale of the asset has only recently started, but there is already considerable interest from potential buyers.

RobotEra is a blockchain-based metaverse where users can create avatars and explore a digital world, and the platform’s native token is TARO. In RobotEra, players can buy land, build it, and expand their regions with various assets.

Additionally, RobotEra has a shared metaverse where users can participate in a variety of activities such as sports, concerts, and other competitive events.

The first step of TARO presale is now live and selling out fast.

Visit the RobotEra presale now

Find the best price to buy/sell cryptocurrency

Cryptocurrency Price Tracker – Source: Crypto news

Source link


Leave a comment