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Bitcoin Price Prediction as BTC Touches $16,300 Support – Here Are Some Key Levels to Look Out For

Arslan Butt
Last updated: | 5 min read

As of December 20, the price of Bitcoin has remained fairly stable and is currently trading at around $16,800. In the past 24 hours, BTC has seen a slight increase of 0.21% and has fluctuated between a high of $16,858 and a low of $16,413. Over the past week, the value of BTC has decreased by about 2.5%.

Bitcoin Wallet Maker Foundation Raises $7 Million to Promote Self-custody

Foundation Devices, a Bitcoin-focused company, announced on December 19 that it had completed a $7 million initial fundraising round in response to rising demand for self-custody solutions. The Boston-based company plans to use the funds to continue developing hardware and software wallets for cryptocurrencies under the “digital sovereignty” branding.

Greenfield Capital, Lightning Ventures, Unpopular Ventures, Warburg Serres, and Bolt were among the other investors in the round, which was led by blockchain investment firm Polychain Capital.

Foundation’s primary product is Passport, a hardware wallet for Bitcoin that uses “air-gapped security”, which means it does not allow for external USB or wireless communication. Passport has a built-in color display, a camera, and uses QR codes for interaction. The company also offers a mobile software wallet called Envoy. According to Foundation, it has sold thousands of Passport wallets in the past 18 months.

The funding comes as more companies work to improve the usability and appeal of hardware wallets. Users can use hardware wallets, a physical storage option for Bitcoin and other cryptocurrencies, to disconnect their private keys from the internet and store them offline.

Protecting freedom and privacy is more important than ever in light of global censorship, privacy violations, and irresponsible banking and monetary policies. As a result, advancements in hardware wallets are encouraging investors to trust their crypto holdings, which may benefit BTC/USD.

Kazakhstan Increases Bitcoin Mining Regulations

A bill was approved by the Kazakh parliament last week. It will levy a corporation tax on Bitcoin miners and impose national energy usage limits on the industry. The bill, titled “On Regulating Digital Assets in Kazakhstan,” was one of three pieces of crypto-related legislation approved by Kazakhstan’s lower house, known as the Mazhilis, last Thursday, according to the parliament website.

The law, according to current negotiations, will give miners access to approximately 500 MW. Furthermore, government-registered miners will be allowed to purchase electricity from the grid only when there is an oversupply. The bill will now be sent to the Senate for review and a second vote session. If the bill is also approved by the Senate, it must be signed into law by the president.

If the Senate votes on amendments, it may be referred back to the Mazhilis. The new law, according to Didar Bekbau, founder of the local mining company, may discourage investment.

Bekbau claimed that trust has already been eroded, that many investors have fled Kazakhstan, and that development plans have been scrapped. Despite the bill and power rationing, miners are bullish on Kazakhstan’s future in the crypto sector and the BTC/USD.

Bitcoin Price 

Bitcoin’s current price is $16,810, and the 24-hour trading volume is $22 billion. The BTC/USD pair has gained nearly 0.30% in the last 24 hours.

Bitcoin Price & Tokenomics – Source: coinmarketcap

After a dip to the $16,300 level, Bitcoin’s price has rebounded to the $16,700 trading area. For now, the immediate resistance level for Bitcoin is above $16,800, and any closing prices below this level may suggest a bearish trend.

Bitcoin’s immediate support is at $16,250 or $16,100, and a bearish breakthrough of this level might expose BTC to $15,650.

Bitcoin Price Chart – Source: Tradingview

According to the MACD and RSI indicators, there is currently a mixed bias in the market. The RSI is indicating that the market is oversold, while the MACD is indicating that there may be upward momentum. These conflicting signals may make it difficult to predict the direction of the market trend.

Finally, the closure of candles below the 50-day simple moving average suggests that the downturn may continue.

High-Profitability Alternative Coins

Although the entire cryptocurrency market is negative, only a few coins are making news. Let’s explore them! 

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 $2.18 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 $10.26 million. The pre-sale dashboard is going to be released soon, 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 $2.51 million, with a crypto whale scooping up $97.5K in one purchase earlier this month. The presale is in the final stage, with only 19% of the tokens left. 

Visit Calvaria Now

Find The Best Price to Buy/Sell Cryptocurrency

Cryptocurrency Price Tracker – Source: Cryptonews