on monday, Bitcoin price prediction We are bullish because BTC has already broken out of the $17,200 key resistance level and closing the candle above this level will keep BTC bullish.
BTC/USD opened at $17,128 on December 5 and has since climbed more than 2% to $17,398. The BTC/USD pair is trading in a tight range between $17,420 and $16,096. Moreover, its value increased by nearly 6% last week.
Let’s take a look at the key fundamentals driving price action.
US Senators Intend To Turn Texas Into A Bitcoin-Based Oasis
US Senator Ted Cruz wants to turn Texas into a haven for Bitcoin and other cryptocurrencies. In his speech at the Texas Blockchain Summit 2022 in late November, the lawmaker expressed his understanding of how critical the cryptocurrency sector is to the U.S. energy supply and technological progress.
The senator also highlighted the potential benefits of the Bitcoin sector to US energy supply and technology development.
Cruz suggested that bitcoin mining could be used to commercialize the energy extracted from oil and gas fields, highlighting the potential of mining as an alternative to energy storage and supply. Additionally, he emphasized how Texas promotes free enterprise and has abundant energy at low prices. This makes Texas a desirable location for the US cryptocurrency industry.
The Republican senator also said he buys bitcoin every week as it is the only cryptocurrency in his portfolio. Additionally, the news that the US Senator said Bitcoin mining could benefit US energy supply and technology growth is good for BTC/USD and its value is rising. .
Correlation between US stocks and cryptocurrencies
The next week of macroeconomics will serve as a preview of November’s US Consumer Price Index (CPI), due on December 13th. Both have a history of causing at least short-term volatility.
The US stock market bounced back from intraday lows on December 2, ignoring better-than-expected labor market data. Despite recent employment data, market participants do not expect the Fed to change stance and continue to delay the rate hike cycle.
Moreover, despite the fact that the FTX crisis disrupted the positive correlation between the US stock market and Bitcoin, the current surge in equities shows a risk-on attitude. You can help the crypto industry by attracting. BTC/USD is rising and showing signs of life.
BTC Whales Hit 2-Year Low
On December 4th, on-chain alerts platform Glassnode tweeted Bitcoin stats, showing that the number of Bitcoin whales had dropped. According to the post, there are now 1,665 fewer BTC whales than two years ago. The lowest so far this year he was 1,671 on November 22nd.
Glassnode also tweeted that BTC transaction volume (7d MA) fell to a two-year low of $260,626,928.14. The last low was November 30th.
This type of decline usually meant that the whales were selling out, or that there was a significant shortage of demand from them. However, if whales resume their interest in BTC, traders could continue to experience positive momentum.
Despite reports of declining whale interest, the current BTC/USD price level shows a significant correction to sustain its rise.
bitcoin price
The current Bitcoin price is $17,228 with a 24-hour trading volume of $21 billion. The BTC/USD pair surged over 1.5% in the last 24 hours. Moreover, its value has increased by about 6% over the past week.
of Bitcoin/USD The pair has broken through the $17,250 resistance level and broken out of the tight trading range of $16,800 to $17,250.The RSI and MACD indicators are both positive and the 50-day moving average is pushing BTC to $16,800.
On the upside, Bitcoin is approaching the next resistance level of $17,650, a breakout of which could expose BTC to $18,000. On the 4-hour timeframe, BTC formed a bullish candle and was just above the $17,000 uptrend line level
Further down, Bitcoin could target the $16,600 level, a 50% Fib extension, and below this level, BTC would be exposed to the $16,450 level, a 61.8% Fib extension.
On the other hand, a bullish breakout of the $17,250 resistance level could expose BTC to higher levels of $17,650 and $18,100.
A coin with great potential
Given the bullish reversal in the cryptocurrency market, several coins have caught our attention and are worth keeping an eye on.
IMPT: Presale ends in less than a week
impactAnother Ethereum-based platform, is a carbon credit marketplace that rewards customers for trading with environmentally friendly companies. These benefits come in the form of the company’s IMPT token. This can be used to buy NFT-based carbon offsets, which can be sold or retired.
Trading on the decentralized exchange (DEX) Uniswap will start on December 14th. IMPT is an ERC-20 token, meaning it is compatible with the Ethereum network, which already holds hundreds of high-quality tokens. L bank Two centralized exchanges, Changelly Pro, will list IMPT shortly after DEX launch.
IMPT raised over $14.1 million Since its initial public offering in October, 1 IMPT is currently trading at $0.023. IMPT.io, a new platform for carbon offset and carbon credit trading, Token Presale on December 11th for its phenomenal success.
Dash 2 Trade (D2T)
Works on the Ethereum blockchain, dash 2 trade is a trading intelligence platform that provides investors with real-time analytics and social trading data to help them make more informed trading decisions. It will go live in early 2023 and D2T tokens will be used to pay monthly subscription fees to the platform (there are two subscription tiers).
Dash 2 Trade pre-sale already Raised over $8.4 million Once we reach $8,757,000, we plan to enter the fourth and final stage. It has also announced that it will be listed on BitMart and LBANK Exchange early next year, offering early investors a good opportunity to earn decent returns.
Robo era (TARO)
Also, use Ethereum to host that token, robot age (TARO) is a sandbox-style metaverse where gamers play as robots and participate in the creation of virtual worlds. This includes NFT-based land, buildings, and other in-game items. The game also plans to allow players to link with other metaverses to create an interoperable multiverse.
1 TARO is currently priced at 0.020 USDT (can be purchased using USDT or ETH), but this price will increase to $0.025 in the second stage of the presale.
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