Bitcoin Price Remains Below $17,000 After UK Inflation Data Releases. which came back higher than expected. Most of the altcoins in the market have also followed suit as traders remain in wait-and-see mode.
Bitcoin is currently trading at $16,740 after starting the day at $16,886. BTC has fluctuated between $16,761 and $17,002 in the past 24 hours as the recent Russia-Ukraine conflict has suppressed prices.
Fears of an escalation of the conflict in Ukraine push prices down
The main concern about the war in Ukraine is that it could escalate into a broader confrontation between Moscow and the US-led NATO alliance. The fatal rocket attack on a Polish village on the Ukrainian border has intensified this fear.
At 15:40 on Tuesday, a missile struck Przewodów, a city in southeastern Poland not far from the border with Ukraine, killing two farm workers, according to local media.
The United States has since said it believed the missiles came from Ukraine, allaying fears of an escalation of the war. However, the uncertainty still caused a sell-off in global markets.
Producer Price Index (PPI) report.
According to the Labor Department report released on Nov. 15, the cost of wholesale products, excluding food and energy, has declined. The trend could be due to improving supply chains and slowing demand caused by rising debt rates. It reinforces economists’ claims that commodity prices had begun to fall.
The producer price index (PPI) also pointed to a slowdown in inflation. The 0.6% increase in the cost of final demand items was reportedly responsible for the increase in PPI excluding food, energy and trade services. In October, PPI rose 0.2%, less than the consensus estimate of 0.4%, and year-on-year prices fell 8.4% to 8.0%.
As a result of lower than expected PPI data, the cryptocurrency market has surged and prices have risen. BTC/USD started to increase in value shortly after the announcement. The cryptocurrency market rallied and prices surged due to lower than expected PPI data. Shortly after the announcement, the value of BTC/USD started to rise.
Cryptocurrency prices gain support as US dollar cools
After a parabolic rally throughout 2022, the US dollar index is starting to show signs of a cooling down. The most recent CPI and PPI data showed that the Fed has made significant progress in controlling inflation.
If the current momentum continues, investors may see a declining 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 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 for deciding whether shares of ARK’s Bitcoin exchange-traded fund 21Shares should be listed on the Chicago Board Options Exchange.
He postponed the decision to January 27, 2023.
On May 13, ARK 21Shares filed its Bitcoin (BTC) ETF application with the federal regulator for the first time. On Nov. 15, the SEC announced that the designation period would be extended.
This year, the market regulator rejected several ETF proposals that track Bitcoin, 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 is down about 1% over the past day and currently has a market cap of $349 billion.
Bitcoin’s technical outlook has not changed much, as it is still 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 completed a 38.2% Fibonacci retracement to the $18,100 level in the 4-hour period and has now dropped below the 23.6% Fibonacci level of $17,250.
To the downside, Bitcoin’s immediate support is at $17,250 and a continuation of the downtrend could push the price to the $15,850 support level. As the RSI and 50-day moving average point to a bearish bias, we could see BTC price drop to $15,850 if the current support fails to hold.
The MACD, on the other hand, is in a buy zone, but the most recent histograms are narrowing, indicating a weakening of the bullish bias. That being said, selling can be seen below the $17,250 level today.
Increased demand for BTC, on the other hand, has the potential to clear the $17,250 resistance and push the BTC/USD price to $18,250 and above, towards $20,000.
The best cryptocurrencies in presale
Dash 2 Trade (D2T)
Dash 2 Trade is an Ethereum-based trading intelligence platform that provides traders of all skill levels with real-time analytics and social data, enabling them to make more informed decisions.
It started its token sale three weeks ago and has since raised over $6.3 million. It also confirmed its first quote on CEX LBank exchange.
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Calvaria is a new cryptocurrency gaming project with the potential to dominate the gaming market for money. The developers of Calvaria have identified that a major obstacle to the widespread adoption of Web3 gaming is that the games require users to have technical knowledge of cryptocurrencies. This means that many users are excluded.
As such, Calvaria allows users who don’t hold cryptocurrency to play games, setting itself apart from the competition and allowing for a whole new audience to get involved.
The Calvaria pre-sale is gaining traction, with the project already in Phase 4 of 10 and close to $1.7 million in funding.
1 RIA token currently costs $0.025, but this will increase incrementally with each subsequent phase of the presale which is currently in Phase 4.
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RobotEra (TARO) is another project that has the potential to change the gaming community and the virtual world. The pre-sale of the asset has only recently begun, 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 purchase land, build on it, and expand their regions with various resources.
Additionally, RobotEra has a shared metaverse where users can engage in a variety of activities such as sports, concerts, and other competitive events.
The first phase of the TARO pre-sale is now active and is rapidly selling out.
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