Bitcoin price forecast as BTC climbs to $16,500 and prepares for a big move – what’s next

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

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

A “Substantial Majority” of Fed members expect interest rate hikes to slow “soon,” according to FOMC minutes. Minutes also showed that Chairman Jerome Powell’s post-meeting call for “higher rates for longer” was controversial, sending the U.S. currency and Treasury yields lower while stocks rose.

However, for Bitcoin and Ether, the variables measuring the price of bullish calls against bearish prices remain in the negative range, indicating a bias in favor of the options.

In addition, most respondents to an Open Market Desk poll predicted the December meeting would result in a 50 basis point increase in the target range for the federal funds rate. The price of BTC/USD increased after the release of the information.

Mt. Gox Bitcoin Awakened

2014 Mt. Gox breach made headlines when 65 BTC were transferred to the HitBTC exchange. On November 22, a Bitcoin wallet associated with the BTC-e exchange began trading. Since August 2017, 2014 Mt.

A total of 10,000 BTC worth approximately $167 million was sent to two unknown recipients. The sender split the transactions and transferred $3,500 BTC to other wallets. The remaining 6500 BTC was sent to a single address.

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

Owners are unable to use KYC as it has been corrupted during multiple transactions. In addition, Ki Young Ju said that the old Bitcoin was created during an era of lawlessness. As a result, its movement was negative for BTC/USD.

New York passed a law banning Bitcoin mining operations

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

In the proof-of-work (PoW) mechanism at the heart of Bitcoin, miners compete to process new transactions. The law seeks to assess and mitigate the negative environmental consequences of industry.

Bitcoin Price

The current price of Bitcoin is $16,509, with a 24-hour trading volume of $29 billion. Bitcoin has gained less than 0.5% in the last 24 hours. CoinMarketCap is now number one with a live market cap of $346 billion. It has a total supply 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 approaching the $16,600 level. Candles closing above this level indicate a bullish reversal. A break above and closing the $16,350 barrier suggests that the uptrend may continue.

As a result, the continuation of positive pressure may push the price towards the $17,180 resistance level. If the $17,180 level breaks again, there may be more buying opportunities up to the $18,650 level, which is extended by the 38.2% Fibonacci retracement level.

Bitcoin Price Chart – Source: Tradingview

As the RSI and MACD are both in the buy zone, we can expect the rally to continue. If the $17,000 milestone is breached, BTC may fall to $17,600.

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

Cryptocurrency Presale With Massive Profits

Despite the market collapse, several coins have huge upside potential. Let’s examine them more closely.

Dash 2 Trade (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 better informed decisions.

D2T launched its token sale a few weeks ago and has already raised over $6.9 million. After the pre-sale, D2T will be listed on LBank and BitMart, and experts predict a huge increase in the price of the asset soon.

The current price of 1 D2T is 0.0513 USDT, but it will rise to $0.0533 in the later phase of the sale and $0.0662 in the final phase.

Visit Dash 2 Trade now

Calvary (RIA)

Calvaria is an exciting new cryptocurrency gaming project that has the potential to dominate the gaming profit market. Two major barriers to widespread adoption of Web3 games have been identified by Calvaria developers. While investors see the potential of Web3 games, users do not.

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

RIA will be used for purchasing and staking in-game items in its own ecosystem, giving it powerful leverage. The token pre-sale raised $1.9 million and is currently in its fourth stage, during which 1 USDT can be purchased for 40 RIAs.

Visit the Calvaria Presale now

RobotEra (TARO)

For investors who appreciate the Metaverse, TARO is one digital asset to watch out for. Active is a local token for RobotEra, a world-building Metaverse platform that allows players to access its system via avatars.

Each user can buy land and property and contribute to the overall appearance of the virtual world. RobotEra also has community Metaverses where users can engage in communal activities such as sports and games as well as competitions.

1 TARO is currently sold for 0.020 USDT (which can be purchased using USDT or ETH), although this price will increase to 0.025 USD in the second phase of the presale, which will start soon.

Buy TARO now on Presale.

Find the best price to buy/sell cryptocurrency

Cryptocurrency Price Tracker – Source: Cryptonews

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