BNB -0.10%
BTC 0.34%
DOGE 0.59%
ETH 0.79%
PEPE -4.66%
XRP -0.14%
SHIB 0.59%
SOL 1.11%
TG Casino
powered by $TGC

Bitcoin Price Prediction $20 Billion Trading Volume Pushes BTC Back Above $17,000 – Here’s Where It’s Headed Next

Arslan Butt
Last updated: | 3 min read

On Friday, the BTC/USD pair traded strongly bullish, rising above the $16,750 level to $17,350. However, stronger-than-expected US PPI figures from the Bureau of Labor Statistics have triggered a minor bearish correction, causing BTC to lose nearly 1.50% in the last few hours.

Producer Price Indexes – November 2022

We discussed the significance of US PPI figures in my Asian session’s Bitcoin price prediction. The US PPI figures rose 0.3% month over month and 7.4% year over year in December, the slowest annual rate since May 2021. Analysts had predicted a 0.2% increase.

In addition, investors will be watching the US FOMC and CPI numbers on Tuesday and Wednesday next week for some more insight.

SEC Offers Sample Cryptocurrency Asset Market Letters

On December 8, the Securities and Exchange Commission (SEC) issued new guidance calling on firms to disclose their exposure to the crypto market to investors.

The guidelines were released about a month after FTX, one of the world’s largest cryptocurrency exchanges, declared bankruptcy due to allegedly making risky bets with customer funds.

The advice letter serves as a template for the types of comments that a securities regulator may make to publicly traded companies. 

Gary Gensler, the SEC’s chairman, denied earlier this week that the agency had failed to prevent cryptocurrency businesses from misusing clients’ funds.

Furthermore, if the companies violate the law, the SEC, according to Gensler, will take additional regulatory action against them. 

Bitcoin Price 

Bitcoin’s current price is $17,177, and the 24-hour trading volume is $23 billion. The BTC price is has gained over 1.5% since yesterday.

Bitcoin Price & Tokenomics – Source: coinmarketcap

The BTC/USD pair is trading with a positive bias on Friday after breaking above the $16,750 barrier. On the 4-hour timescale, Bitcoin has formed an upward channel, which is supporting the bullish trend. BTC may face resistance near the $17,400 mark.

Bitcoin Price Chart – Source: Tradingview

A bullish breakout above the $17,400 level could take Bitcoin to the $17,650 level, and a bullish crossover above this level could take Bitcoin to the $18,150 zone. A bearish crossover below $17,000, a level stretched by the 50-day simple moving average, can start a selling trend that could go until $16,650.

Coins with Massive Upside Potential 

Despite the bearish price action, the coins below are going from strength to strength, catching the attention of crypto whales.

IMPT (IMPT) – Only 2 days left in presale

IMPT is a carbon-credit marketplace that will reward consumers for shopping with eco-friendly merchants. Once it launches next year, it will issue carbon offsets as NFTs on the Ethereum blockchain, with users able to purchase such NFT-based offsets using the IMPT tokens they receive as a reward for shopping using the platform.

Since opening its sale in October, IMPT has raised more than $16.7 million, with 1 IMPT currently being sold at a price of $0.023. The sale is due to end in just over two days, with listings on Uniswap, LBANK Exchange and Changelly Pro due to follow very soon after.

Visit IMPT Now

Dash 2 Trade (D2T) – Presale in the final stage

Dash 2 Trade is an Ethereum-based trading intelligence platform that offers investors real-time analytics and social trading data, so that they can make more informed trading decisions. It will go live in early 2023, with its D2T token being used to pay for the monthly subscription fees to its platform (there are two subscription tiers).

Now in its fourth and final stage, Dash 2 Trade’s presale has already raised more than $9 million. It has also announced listings on Uniswap, BitMart and LBANK Exchange for early next year, meaning that early investors will soon be able to lock in some profits.

Visit Dash 2 Trade Now

Calvaria (RIA)

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 $2.36 million, with a crypto whale scooping up $97.5K in one purchase on Thursday. The presale is in the final stage, with only 23% of tokens left.

Visit Calvaria Now

Find The Best Price to Buy/Sell Cryptocurrency

Cryptocurrency Price Tracker – Source: Cryptonews