Bitcoin Price Prediction as BTC Climbs Back to $16,500 and Prepares for a Big Move - Here's Where It's Going Next?

Bitcoin Price Prediction as BTC Climbs Back to $16,500 and Prepares for a Big Move – Here’s Where It’s Going Next?

bitcoin It failed to sustain the uptrend on November 24 and settled below $16,650 despite the decline. pigeon FOMC description meeting times. Members of the Federal Open Market Committee (FOMC) voted to raise interest rates by 75 basis points, or 0.75 percentage points, in early November. It was the fourth such rate increase in a row.

However, Fed Chairman Jerome Powell stated at a press conference after the decision that a rate cut would be appropriate soon.

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

A “Significant Majority” of Fed members expect a “soon” slowdown in rate hikes, according to FOMC minutes. The minutes also showed that Chairman Jerome Powell’s post-meeting call for “higher rates for longer” was contentious, causing U.S. currency and Treasury yields to plummet as stocks rose.

However, the call variants for bitcoin and ether, which measure the cost of bearish versus bullish calls, remain in the negative range, indicating a bias in favor of options.

Also, the majority of respondents to the Open Market Desk survey predicted that the December meeting would result in a 50 basis point increase in the federal funds rate target range. After the information was made public, the BTC/USD price rose.

Mt. Gox Bitcoin Awakens

2014 Mt. Gox breach made headlines when 65 BTC was transferred to the HitBTC exchange. On November 22, a Bitcoin wallet linked to the BTC-e exchange began trading. Since August 2017, 2014 Mt. Gox hack-related wallet has completed its big transaction.

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

Ki Young Ju, the creator of CryptoQuant, tweeted about the observed Bitcoin transfers on November 24. He explained that this is not a government auction or anything like that, as HitBTC was recently paid 65 BTC. He then suggested that the exchange suspend the account due to suspicious activity.

Owners cannot use KYC as it gets corrupted during multiple transactions. Also, Ki Young Ju stated that the old Bitcoin was created during the era of lawlessness. As a result, its movement was negative for BTC/USD.

New York Passes Bill Banning Bitcoin Mining Activities

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

In the proof-of-work (PoW) mechanism underlying Bitcoin, miners compete to process new transactions. The law aims to assess and reduce the negative environmental consequences of the industry.

The BTC/USD price started to rise after Hochul signed a law banning some bitcoin mining operations from using carbon-based energy sources.

bitcoin price

Flow bitcoin price $16,509 and 24-hour trading volume is $29 billion. Bitcoin has gained less than 0.5% in the last 24 hours. CoinMarketCap now tops the list with a vibrant market capitalization 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 and Tokenomics – Source: coinmarketcap

Bitcoin is currently gaining traction towards the $16,600 level. Candles closing above this level indicate an uptrend. A bullish breakout past the $16,350 barrier indicates a continuation of the uptrend.

As a result, continued positive pressure could push the price towards the $17,180 resistance level. If the $17,180 level is broken again, there may be more buying opportunities to the $18,650 level, which expanded with the 38.2% Fibonacci retracement level.

Bitcoin Price Chart – Source: Tradingview

We can expect the uptrend to continue because the RSI and MACD are in the buy zone. If the $17,000 milestone is crossed, BTC could drop to $17,600.

On the downside, Bitcoin’s support level is at $16,000, and breaking this level could bring the currency down to $15,670.

Big Profitable Cryptocurrency Pre-Sale

Despite the decline in the market, a few coins have tremendous upside potential. Let’s check them more closely.

Dash 2 Trading (D2T)

Dash 2 Trading It is an Ethereum-based trading intelligence platform that helps traders of all skill levels make better educated decisions by providing real-time statistics and social data.

Founded by the Learn 2 Trade service, D2T provides traders with market-focused insights, trading signals and forecasting services. According to the cryptocurrency effort, customers will be given enough information to make informed decisions.

D2T started selling tokens three weeks ago and has raised more than $6.9 million. Following the pre-sale, it will be listed on D2T, LBank, and BitMart, and a massive increase in asset price is expected.

The present value of 1 D2T is 0.0513 USDT, but it is predicted to rise to $0.0533 in the next phase of sales and $0.0662 in the final phase.

Visit Dash 2 Trade now

calvaria (RIA)

calvaria is an exciting new cryptocurrency gaming project with the potential to dominate the play-to-win market. Two major obstacles to widespread adoption of Web3 games were identified by the Calvaria developers. Investors see the potential of Web3 games, while users don’t.

The pre-sale of Calvaria, which is already in the 4th stage out of 10 and is approaching 1.9 million dollars, is attracting attention. Investors are flocking to the fast-growing GameFi project as the price of the native RIA token increases significantly with each pre-sale phase.

The tokens cost $0.025 each at stage 4, but the price rose to $0.03 at stage 5 and the tokens cost at stage 10 was $0.055.

Visit Calvaria Pre-Sale Now

Robot Age (TARO)

For investors who appreciate the metadata warehouse, TARO It is a digital asset to follow. The entity is the native icon for RobotEra, a world-building metaverse platform that allows players to access its system via avatars.

Each user can buy land and property, as well as contribute to the overview of the virtual world. RobotEra also has community metadata where users can engage in shared activities such as sports and games as well as transformations.

Since everything is Non-Fungible Token (NFT), players get everything they buy. TARO is a new market pre-sale that is currently in its early stages. Regardless, this is a valuable asset with significant plus potential.

Buy TARO On Pre-Sale Now.

Find the Best Price to Buy/Sell Cryptocurrency

Cryptocurrency Price Tracker – Source: crypto news

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