Bitcoin price forecast is neutral as it remains in a narrow trading range of $16,850 to $17,250. Investors are waiting for a solid fundamental reason to trigger a breakout, but once it breaks out of this range, there is likely to be an incredible trading opportunity.
So it is important to keep an eye on the fundamentals that can influence BTC price action.
On the day, the total market capitalization of all cryptocurrencies increased by 0.92% to $859.91 billion, with major cryptocurrencies trading mainly in the green. Several well-known and well-known cryptocurrencies rose unexpectedly this morning, even as the market continues to deal with the aftermath of the FTX.
However, the reason for the bullish rally can be attributed to Fed Chairman Jerome Powell’s dovish comments, suggesting that the central bank will slow the pace of its rate hikes.
On the other hand, the weaker US dollar, which recently hit a three-month low, was thought to be a significant factor in keeping Bitcoin prices high, as BTC has a strong negative correlation with the US dollar index .
Cryptocurrency market recovers
The collapse of the FTX company has caused the entire cryptocurrency market to struggle in recent days. Since FTX, one of the world’s largest cryptocurrency exchanges, filed for bankruptcy and it was revealed that former CEO Sam Bankman-Fried may have engaged in serious fraudulent activity, the crypto- currency market on the wane.
FTX FILLED ITS BANKRUPTCY ROCK TODAY
THIS IS EVEN WORSE THAN ANY ONE REVIEW 👇
— GURGAVIN (@gurgavin) November 17, 2022
Furthermore, BlockFi and other major cryptocurrency companies have recently declared bankruptcy, further suppressing the cryptocurrency market.
Breaking News: BlockFi, a cryptocurrency lender, has filed for bankruptcy. It is the latest company in the crypto industry to be damaged by the implosion of FTX. https://t.co/9c4zaRmkKz
— The New York Times (@nytimes) November 28, 2022
Despite this, he was able to reverse his downtrend and make a small recovery on the day. This occurred when the valuations of the two most valuable cryptocurrencies, Bitcoin (BTC) and Ethereum (ETH), surpassed $17,000 and $1,200, respectively.
Meanwhile, Dogecoin (DOGE), Solana (SOL), Ripple (XRP) and Litecoin (LTC) are all on the rise. In particular, the Aptos (APT) token was the top gainer, gaining more than 9.5% in 24 hours.
Federal Reserve Chairman Jerome Powell announced today that the Fed is preparing to slow rate hikes as we continue to fight #inflation. #interestrates pic.twitter.com/YTA1lxSNF9
— Investopedia (@Investopedia) November 30, 2022
However, the cryptocurrency market began to recover after Federal Reserve Chairman Jerome Powell announced that the central bank’s interest rate hike would be halted.
The markets are pricing in an 80% chance that the Fed will raise interest rates by 50 basis points at its upcoming meeting, versus a 20% chance that rates will rise by another 75 basis points.
US dollar fell to multi-month low
Another important factor that supported BTC prices was the weakening of the US dollar, which hit a three-month low. Investors took advantage of unexpectedly positive jobs data, which was seen as one of the key factors in limiting the dollar’s declines.
USA non-farm payrolls beat ⬆️ ⬆️
⬆️ NFP 263K vs. 200K exp
⬆️ Average hourly earnings 🚀 0.6% versus 0.3% expected
👍 Unemployment rate 3.7% (unchanged, inline)
🔻 Participation rate 62.1% (from 62.2%)
🚀 USD 🚀 10 Year returns
— Kathy Lien (@kathylienfx) December 2, 2022
However, the value of the dollar rose slightly as reports revealed that businesses added 263,000 jobs in November, far exceeding the 200,000 forecast. However, the declines were short-lived as it fell to a three-month low amid a dovish stance.
CFTC Chairman Rostin Behnam claims Bitcoin is a commodity
The chairman of the Commodity Futures Trading Commission (CFTC), Rostin Behnam, said that only Bitcoin should be classified as a commodity. Behnam shared his thoughts on a secret cryptocurrency held at Princeton University.
JUST IN: CFTC Chairman Rostin Behnam says #Bitcoin is the only #crypto that can be considered a commodity, not #Ethereum
— Bitcoinist.com (@bitcoinist) December 1, 2022
Contrary to what Behnam previously believed, Ethereum is not a commodity. As a result, this news has had no effect on BTC prices so far.
Bitcoin price
The current Bitcoin price is $16,991, with a 24-hour trading volume of $16 billion. The BTC/USD pair has gained almost 0.50% in the last 24 hours. Moreover, its value has increased by about 3% in the past week.
The BTC/USD pair failed to break through the $17,250 level, and the appearance of doji candles suggests that a bearish correction is possible.
If the price falls below $16,950, further selling may occur until the $16,750 level is reached. This move would be a 23.6% Fibonacci retracement from the most recent high.
If Bitcoin continues to decline, it could target the $16,600 level, which represents a 50% Fibonacci extension, and a break below this level could expose the cryptocurrency to a move down to the $16,450 level, which would be a Fibonacci extension of 61.8% represented.
A bullish breakout above $17,250, on the other hand, could lead to a move to $17,650 and $18,100.
Coins with huge upside potential
Despite the market downturn, these coins have performed exceptionally well and caught the attention of crypto whales. One of these is IMPT, whose pre-sale ends in just 1 week.
IMPT (IMPT): 1 week to buy this $13.5 million green crypto
Another Ethereum-based platform, IMPT, is a carbon credit market that will reward consumers for shopping at eco-friendly merchants. These rewards will arrive in the form of its IMPT token, which can be used to purchase NFT-based carbon offsets that can be traded or retired.
Since opening its sale in October, IMPT has raised over $13.6 million, with 1 IMPT currently being sold at a price of $0.023. IMPT.io, a revolutionary carbon offsetting and carbon credit trading platform, will prematurely end its token presale on December 11, due to its overwhelming success.
Visit IMPT Now
Find the best price to buy/sell cryptocurrency
Disclaimer for Uncirculars, with a Touch of Personality:
While we love diving into the exciting world of crypto here at Uncirculars, remember that this post, and all our content, is purely for your information and exploration. Think of it as your crypto compass, pointing you in the right direction to do your own research and make informed decisions.
No legal, tax, investment, or financial advice should be inferred from these pixels. We’re not fortune tellers or stockbrokers, just passionate crypto enthusiasts sharing our knowledge.
And just like that rollercoaster ride in your favorite DeFi protocol, past performance isn’t a guarantee of future thrills. The value of crypto assets can be as unpredictable as a moon landing, so buckle up and do your due diligence before taking the plunge.
Ultimately, any crypto adventure you embark on is yours alone. We’re just happy to be your crypto companion, cheering you on from the sidelines (and maybe sharing some snacks along the way). So research, explore, and remember, with a little knowledge and a lot of curiosity, you can navigate the crypto cosmos like a pro!
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