Bitcoin Price Prediction as BTC Spikes Up 4.7% in a Week – Time to Buy?
On November 30, the Bitcoin price prediction was bullish as BTC crossed the triple-top resistance level of $16,680. Bitcoin (BTC) has extended its previous rally and has reached an intra-day high above the $17,000 mark.
Upbeat Crypto Market
The global cryptocurrency market has performed surprisingly well this week, despite the down general mood in the global markets. Some have attributed its rise to Federal Reserve Chair Jerome Powell’s upcoming speech.
In addition, other well-known cryptocurrencies such as Dogecoin (DOGE), Ripple (XRP), and Litecoin (LTC) have also seen gains. The Fantom (FTM) token ended up being the biggest gainer, with a 24-hour increase of more than 9.50%. As a result, the bullish crypto market was viewed as a key factor in keeping BTC prices higher.
Genesis is Attempting to Avoid Bankruptcy
Genesis, a cryptocurrency brokerage platform in the United States, announced on Wednesday that it was attempting to avoid bankruptcy, following a report on Tuesday by Bloomberg News that the company’s creditors were banding together with restructuring attorneys to avoid insolvency.
Genesis halted redemptions shortly after FTX’s collapse, revealing a $175 million exposure to the firm.
Bearish US Dollar Underpins Crypto
Another important factor supporting Bitcoin prices is the weakening of the US dollar, which fell from a one-week high on Wednesday ahead of a speech by Federal Reserve Chair Jerome Powell.
The US dollar index, which measures how the dollar performs against six major currencies, fell 0.22% to 106.64 after reaching a high of 106.90 overnight.
Powell will speak about the state of the economy and labor market at the Brookings Institution in Washington at 18:30 GMT.
The safe-haven U.S. dollar eased from a one-week high on Wednesday amid increasing optimism for a loosening of China's COVID restrictions, although moves were muted ahead of a speech by Federal Reserve Chair Jerome Powell later in the day. pic.twitter.com/1XBU5VvqUz— Global Foreign Market Brokerage (@gfmbroker) November 30, 2022
According to financial markets, the Federal Reserve will only raise interest rates by 50-basis points on December 14, with a 36.5% chance that rates will rise by another 75 basis points.
The current Bitcoin price is $16,878 and the 24-hour trading volume is $24 billion. During the last 24 hours, the BTC/USD pair has surged over 2.25%.
During the European session, the BTC/USD is trading bullish after breaking above a major double top resistance level at $16,600. A breakout above this level exposes BTC’s price to the next resistance level of $17,250.
On the downside, support remains around $16,650, a double-bottom resistance level now acting as a support. The RSI and MACD indicators are still in the buy zone, indicating that the uptrend still has some way to go before retracing.
Whales are Looking at These Altcoins
Despite the market downturn, these coins are doing particularly well, catching the attention of crypto whales.
Dash 2 Trade (D2T)
Dash 2 Trade is a trading intelligence platform that provides investors with real-time analytics and social trading data, helping them to make more informed trading decisions. Its D2T token runs on Ethereum, and is used primarily to pay for the monthly subscription fees to its platform.
Set to go live early next year, its sale has already raised more than $7.5 million and is due to enter its fourth stage (it will end after five). It has also announced listings on BitMart and LBANK Exchange for early next year, giving early investors a good opportunity to make some decent returns.
Another Ethereum-based platform, RobotEra (TARO) is a Sandbox-style Metaverse due to launch its alpha version in Q1 2023. It will enable gamers to play as robots and participate in creating its virtual world, including NFT-based land, buildings, and other in-game items.
1 TARO is currently selling for 0.020 USDT (it can be bought using either USDT or ETH), although this price will rise to $0.025 in the second stage of its presale, which will begin soon.
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Calvaria (RIA) is a blockchain-based card game, in which players can collect, trade and do battle with their NFT-based cards. Aside from incorporating play-to-earn features, it will also enable gamers to play it without holding any cryptocurrency, which could help make it more accessible to a wider audience.
RIA will be used within its ecosystem for purchasing in-game items and for staking, giving it a strong use case. The presale for the token has raised $2.1 million and is currently in its fourth stage, during which 40 RIA can be bought with 1 USDT.
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