Bitcoin price prediction as BTC climbs back to $16,500 and prepares for a big move – here’s where it’s headed

Bitcoin failed to maintain its uptrend on Nov. 24 and fell below $16,650 despite the release of dovish FOMC meeting minutes. Federal Open Market Committee (FOMC) members voted in early November to raise interest rates by 75 basis points, or 0.75%. However, Fed Chairman Jerome Powell told a press conference that a slower rate would soon be in order.

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

According to the FOMC minutes, a “substantial majority” of Fed members expect a slowdown in rate hikes “soon”. The minutes also indicated that Chairman Jerome Powell’s post-meeting call for “higher rates for longer” was controversial, causing U.S. currency and Treasury yields to fall while stocks soared.

However, the put-call 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.

In addition, most respondents to the Open Market Desk poll predicted that the December meeting would result in a 50 basis point increase in the target range of the federal funds rate. BTC/USD price surged after the information became public.

Mt. Gox Bitcoin awakened

The 2014 Mt. Gox hack made headlines when 65 BTC was transferred to the HitBTC exchange. A Bitcoin wallet linked to the BTC-e exchange began trading on November 22nd. Since August 2017, the wallet related to the 2014 Mt. Gox hack has completed its massive transaction.

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

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

Cardholders cannot use KYC because it has been corrupted during multiple transactions. Furthermore, Ki Young Ju said that the old Bitcoin was created during a time of lawlessness. As a result, his move was negative for BTC/USD.

New York has passed legislation banning Bitcoin mining operations

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 won’t be able to expand, renew permits, or allow new competitors to begin operations unless it uses entirely renewable energy.

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

Bitcoin price

The current price of Bitcoin is $16,509 and the 24-hour trading volume is $29 billion. Bitcoin has gained less than 0.5% in the past 24 hours. CoinMarketCap now ranks first, with a live market cap 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 traction towards the $16,600 level. Candles that close above this level signal a bullish reversal. A bullish engulfing cut and close above the $16,350 barrier shows that the uptrend could continue.

As a result, continued positive pressure could push the price up to the $17,180 resistance level. If the $17,180 level is broken again, there could be more buying opportunities all the way to the $18,650 level, which is extended by the 38.2% Fibonacci retracement level.

Bitcoin price chart – Source: Tradingview

We might expect the upside to continue as the RSI and MACD are both in a buy zone. If the $17,000 milestone is breached, BTC could drop to $17,600.

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

Presale of cryptocurrencies with huge profits

Despite the market crash, some coins have huge upside potential. Let’s check them out more closely.

Click 2 Exchanges (D2T)

Dash 2 Trade is an Ethereum-based trading intelligence platform that provides traders of all skill levels with real-time statistics and social data, helping them make more informed decisions.

D2T started selling tokens just a few weeks ago and has already raised more than $6.9 million. After the pre-sale, D2T will be listed on LBank and BitMart, with experts expecting a sharp rise in the asset price soon after.

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

Visit Dash 2 Trade now

Calvari (RIA)

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

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

RIA will be used within its ecosystem for purchasing in-game items and for staking, giving it a strong use case. The presale of the token raised $1.9 million and is currently in its fourth phase, during which 40 RIAs can be purchased with 1 USDT.

Visit the Calvaria pre-sale now

RobotEra (TARO)

For investors who appreciate the Metaverse, TARO is a digital asset to watch. The asset is the native token for RobotEra, a world-building Metaverse platform that allows players to access its system via avatar.

Each user can purchase land and property and contribute to the overall look and feel of the virtual world. There are also community metaverses in RobotEra where users can engage in common activities such as sports and games as well as competitions.

1 TARO is currently trading at 0.020 USDT (can be bought using USDT or ETH), although this price will rise to $0.025 in the second phase of its presale, which will start soon.

Buy TARO presale now.

Find the best price to buy/sell cryptocurrencies

Cryptocurrency Price Tracker – Source: Cryptonews

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