The prediction for the price of Bitcoin has become bearish, as BTC has fallen below an upward channel. If BTC closes outside of this channel, it is likely to drop to $16,775.
The US session saw further selling in BTC after worse-than-expected US Flash Services PMI on Friday, disappointed market participants. Traders appear to be anticipating further rate hikes from the Federal Reserve and the European Central Bank.
US Economic Events Drive Price Action
According to recent data, the cost of wholesale products, excluding food and energy, has decreased. This trend may be due to improved supply chains and reduced demand resulting from higher borrowing rates. It supports the claims of economists that commodity prices have started to decline.
The producer price index (PPI) also indicated 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, the PPI increased by 0.2%, lower than the 0.4% consensus estimate, and annual prices fell from 8.4% to 8.0%.
The headline Flash US PMI Composite Output Index showed 44.6, down from 46.4 in November, signaling the joint-fastest fall in business activity in over two and a half years.
The crypto market appears to be ignoring worse-than-expected economic events and continues to fall in response to Fed and ECB rate hike decisions.
SEC Delays ARK 21Shares Spot Bitcoin ETF Decision
The United States Securities and Exchange Commission (SEC) has extended the deadline for deciding whether shares of ARK 21Shares’ Bitcoin exchange-traded fund can be listed on the Chicago Board Options Exchange BZX Exchange.
It postponed the decision on whether to approve ARK Invest, a stock-picking firm run by Cathie Wood, to offer a spot Bitcoin exchange-traded fund until January 27, 2023. On May 13, ARK 21Shares submitted the Bitcoin (BTC) ETF application to the federal regulator for the first time.
This year, the market regulator has rejected numerous proposals for Bitcoin-tracking ETFs, including those from Grayscale, Fidelity, and NYDIG. As a result, the decision to delay the ARK 21Shares Bitcoin ETF decision did not come as a surprise.
Bitcoin Price Prediction
Bitcoin’s current price is $16,985, and the 24-hour trading volume is $22 billion. Bitcoin’s price has dropped by more than 2.5% since yesterday.
The BTC/USD pair was gaining support during the Asian session at $17,250, which was extended by the 50-day moving average. However, increased bearish pressure triggered a bearish crossover below $17,200, causing the BTC/USD pair to fall toward $16,750.
Technical indicators, such as the relative strength index (RSI) and moving average convergence divergence (MACD), are commonly used by traders to analyze the price movement of an asset and predict future trends. These indicators are currently showing a bearish trend for Bitcoin, indicating that the price may continue to fall.
This is further supported by the fact that the BTC/USD pair has recently broken through an upward channel on the 4-hour timeframe, which is often seen as a bearish signal.
As a result, the price of Bitcoin will likely head toward the $16,775 support level, a double bottom that has previously provided support during periods of price decline.
Altcoins Offering Quicker Returns
Cryptocurrencies have been trading sideways for a few weeks now, leading some traders to start looking at alternatives with more potential in the short term. Listed below are some of the leading presales in the market, allowing investors to get in on the ground floor.
FightOut (FGHT) – Presale Launches
FightOut, a brand-new move-to-earn (M2E) fitness application and gym chain that seeks to bring the fitness lifestyle into web3, has opened its pre-sale, and investors think the project could transform the existing web3 M2E landscape.
While existing M2E applications such as StepN only track steps and require expensive non-fungible token (NFT) buy-ins to take part, FightOut takes a more holistic approach to tracking and rewarding its users for their exercise and activity, and doesn’t require any expensive buy-ins to take part.
FightOut’s FGHT tokens are currently selling for 60.06 per 1 USDT, and interested investors are encouraged to move fast to secure their tokens, with the pre-sale having already raised over $2.08 million in just a few days. FGHT is the token that will power the FightOut crypto ecosystem.
Visit FightOut Now
Dash 2 Trade (D2T) – Presale Enters Final Stage
Those interested in investing in a promising crypto trading platform start-up should look no further than Dash 2 Trade. The up-and-coming analytics and social trading platform hopes to take the crypto trading space by storm with its host of unique features.
These include trading signals, social sentiment and on-chain indicators, a pre-sale token scoring system, a token listing alert system and a strategy back-testing tool. Dash 2 Trade’s ecosystem will be powered by the D2T token, which users will need to buy and hold in order to access the platform’s features.
Dash 2 Trade is currently conducting a token pre-sale at highly discounted rates and sales recently surpassed $9.9 million. The pre-sale dashboard is going to be released on Friday, with the development team currently running ahead of schedule. Tokens are currently selling for $0.0533 each and will be listed on multiple centralized exchanges in around one month.
Visit Dash 2 Trade here
Calvaria (RIA) – Final Presale Stage Now
Major blockchain-based games like Axie Infinity lost significant traction in 2022. As a result, many investors interested in the crypto gaming space are looking for alternative avenues. Calvaria, an up-and-coming play-to-earn battle card crypto game, could be a good alternative. Calvaria seeks to boost crypto adoption by creating a bridge between the real world and crypto, a fun and accessible crypto game.
Investors should consider Calvaria’s RIA token pre-sale. Calvaria has now raised $2.45 million, with a crypto whale scooping up $97.5K in one purchase last week. The presale is in the final stage, with only 21% of tokens left.
Visit Calvaria Now
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