Bitcoin Price Prediction as BTC Lacks On-chain Signal; Today's Key Trading Level
The Bitcoin price prediction hasn't altered much throughout the Asian session today, as BTC remains above the important support level of $16,550. Given the optimistic technical signs, the market is awaiting a critical on-chain signal before entering a typical bull market.
The market's ongoing fear is keeping Bitcoin and other cryptocurrencies under pressure.
Sam Bankman-Fried Rescinds Extradition Contest
A former FTX CEO Sam Bankman-Fried plans to appear in court in the Bahamas on Monday to withdraw his opposition to extradition to the United States, where he confronts fraud accusations. As he rode the cryptocurrency bubble to make FTX one of the world's largest exchanges, Bankman-Fried acquired a wealth estimated at over $20 billion.
The 30-year-old cryptocurrency tycoon was indicted on Tuesday in federal court in Manhattan on charges that he stole billions of dollars from FTX customers and used the money to pay off debts, cover personal costs, and invest in his crypto hedge fund, Alameda Research LLC.
If he agrees to extradition, he will be able to face accusations of wire fraud, money laundering, and improper use of campaign funds in a US court.
Bankman-Fried will have to enter a plea and the judge will decide on bail at his initial court proceeding in Manhattan, according to Margulis-Ohnuma. This hearing should occur within 48 hours of Bankman-arrival Fried's in the United States, the lawyer said, adding that it was likely to happen much sooner.
Mazars Pause Working With Crypto Firms, Binance at Risk?
Sam Bankman Fried's fall from grace has been finalized, and his rival, Changpeng Zhao, founder of the cryptocurrency exchange Binance, is under increasing scrutiny as a result.
Concerns were raised anew on Friday when auditing firm Mazars Group suspended work for Binance and other cryptocurrency firms on reports supposed to show that the companies retain sufficient reserves to cover any potential rise in consumer withdrawals.
Zhao has frequently stated that Binance does not misappropriate customer funds like FTX allegedly did and that his exchange can handle any number of withdrawals. Binance has been around longer than FTX, which means it has weathered prior "crypto winters," like as the 80% drop in Bitcoin's value between December 2017 and December 2018.
It has been a challenging few days anyway.
Indeed, it was likely the market's lack of trust in Mazars' "proof-of-reserves" reports that drove the business to suspend all such work. This latest action by Mazars threatens to muddy an accounting picture many already thought opaque.
Binance's market dominance in the wake of FTX's collapse doesn't sit well in a sector that preaches decentralization, even for those who ostensibly support CZ and his exchange.
The recent drop in cryptocurrency prices in response to news of CZ's company adds fuel to the fire, causing a dip in Bitcoin, and other leading altcoins. Let's take a look at the technical side of the market.
Bitcoin Price Prediction
Bitcoin's current price is $16,747, and the 24-hour trading volume is $11 billion. Bitcoin's price has dropped nearly 0.20% since yesterday.
The BTC/USD pair is projected to find immediate support near $16,560 on Sunday. BTC prices could jump to the 23.6% Fibonacci retracement level of $17,000 because the RSI and MACD indicators are in the oversold zone.
Further up, the BTC/USD pair is set to face new resistance at $17,250, a level stretched by the 38.2% Fibonacci retracement point and the 50-day simple moving average.
A break below $16,570, on the other hand, may expose BTC to $16,150.
High-Profitability Alternative Coins
A few coins are making news due to the current risk-off mentality in the cryptocurrency market.
Let's take a look at them!
FightOut (FGHT) – Presale Launches
FightOut, a brand-new move-to-earn (M2E) fitness app and gym chain that aims to bring the fitness lifestyle to web3, has started its pre-sale, and investors believe the initiative has the potential to revolutionize the current web3 M2E landscape.
Existing M2E apps, such as StepN, simply measure steps and require expensive non-fungible token (NFT) buy-ins to join, but FightOut offers a more comprehensive approach to tracking and paying its users for their exercise and activity and does not require any expensive buy-ins.
FightOut's FGHT tokens are presently available for 60.06 USDT for 1 USDT, and interested investors should act soon to secure their tokens, since the pre-sale raised more than $2.86 million in a few of days.
The FightOut crypto ecosystem will be powered by the FGHT coin.
Dash 2 Trade (D2T) – Presale Enters Final Stage
Dash 2 Trade is a promising cryptocurrency trading platform startup in which to invest. With its unique features, the upcoming analytics and social trading platform intend to take the crypto trading sector by storm. 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 are among the features.
The Dash 2 Trade ecosystem will be powered by the D2T token, which users must purchase and hold in order to use the platform's services. Dash 2 Trade is now running a token pre-sale at significantly reduced prices, with sales just topping $10 million. Tokens can presently be purchased for $0.0533 per token and will be published on multiple centralized exchanges within the next month.
Calvaria (RIA) – Final Presale Stage Now
A new play-to-earn battle card crypto game, RIA, could be a reality. Calvaria's mission is to increase crypto acceptability by building a bridge between the real world and cryptocurrency in the form of a fun and simple-to-play crypto game. Investors might look at Calvaria's RIA token pre-sale.
With only 20% of tokens remaining, Calvaria has now earned $2.48 million and is nearing the end of its fundraising campaign.