There was a relatively stable price for Bitcoin on Friday, hovering around $16,750. The release of US GDP figures, which showed an increase of 3.2% for the third quarter (up from the expected 2.9%) sparked global market selloff. However, Bitcoin has since continued to show strength and closed the day above $16,800. What’s next for Bitcoin?
As a result of a range of factors, including the Federal Reserve’s tightening policies and the collapses of Terra/Luna, Three Arrows Capital, and FTX exchange, cryptocurrencies have faced challenges in the past year, following their record highs in late 2018. It may take some time for the market to reach similar heights again.
Despite all the negative factors in the market, Bitcoin seems to be doing well with the $16,000 support zone holding strong.
Price of Bitcoin
It is currently trading at $16,823, with a 24-hour trading volume of $17 billion. In the last 24 hours, the BTC/USD pair has gained nearly 1%.
Having failed to break above $17,000, BTC has now retraced and is consolidating at $16,800.
To have another chance at higher prices, bulls must keep the price above $16,587.
Tradingview Bitcoin Price Chart
A bearish breakout of the $16,600 support level may allow for additional selling until $16,250 or $16,100; a bearish break of this level may expose BTC to $15,650.
There is currently a mixed bias in the market based on the MACD and RSI indicators. It may be difficult to predict the direction of the market trend because of these conflicting signals. The RSI indicates the market is oversold, but the MACD indicates there may be an upward trend.
Before pushing higher, bulls must push BTC above $18,000 and consolidate for a few days before attempting a Christmas rally.
In order to make more informed decisions, it’s worth monitoring the markets over the next few days.
Cryptocurrencies with Faster Profits
In recent weeks, cryptocurrencies have been trading sideways, leading some traders to consider alternatives with more short-term potential. Here are some of the market’s top presales.
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D2T (Dash 2 Trade)
Dash 2 Trade, another Ethereum-based platform, will offer real-time analytics and social trading data when it launches early next year.
Among its initial features are trading signals, on-chain analytics, strategy-building tools, and newsfeeds, all designed to help beginners and experienced traders stay on top of the unpredictable cryptocurrency market.
The sale of its D2T token has raised over $10.5 million and is due to end in only 13 days, leaving early investors with a shrinking window of opportunity. On January 11, LBANK Exchange, Changelly Pro and Bitmart will all support the altcoin as its first exchange listing.
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In a peer-to-peer payment system for electric vehicles (EVs), C+Charge (CCHG) runs on Binance Chain. In addition to expanding access to carbon credits, it will reward users for charging their electric vehicles at its terminals by offering carbon credits in the second quarter of next year.
This platform has already signed a deal with Perfect Solutions Turkey, adding 20% of the EV chargers in Turkey to its network. 1 CCHG costs $0.013, and can be purchased with either USDT or BNB.