Bitcoin price expectation is bullish during the European session, but BTC price will need to break through the resistance at $17,250 to continue rising.
Jerome Powell, president of the Federal Reserve Bank of the United States, recently gave a speech on monetary policy at the Hutchins Center, where he talked about the economy, inflation and the labor market.
According to Powell, smaller interest rate increases will take place in December this year.
CME Group’s FedWatch Tool predicts that the next Federal Open Market Meeting (FOMC) in December will see an increase of 0.25 to 0.5%, up from the 0.75% initially expected.
The cryptocurrency and the stock market reacted positively to Jerome Powell’s speech at the Brookings Institute. Powell promised to fight inflation further with less sharp rate hikes.
Due to the positive response to Powell’s speech, the price of BTC/USD and other cryptocurrencies has increased.
The US Dollar cools further
The US dollar index (DXY) now appears to be growing more slowly, despite being expected to see more growth in 2022. After its worst monthly decline since September 2010, the DXY was held at 105.90 by bears. Before then, DXY had reached its highest level since 2022.
The index’s momentum appears to have slowed after the CPI and PPI reports, which said the Federal Bank is making progress in controlling inflation.
With a falling DXY, investors are once again looking at risky assets, such as cryptocurrencies and stocks. Earlier, BTC/USD also rallied after a decline in DXY.
CFTC Chairs Discuss Digital Commodities
Chairman of the US Commodity Futures Trading Commission (CFTC), Rostin Behnam, named on November 30 in a meeting, the necessary regulations for the crypto industry and the dangers of unregulated cryptocurrencies.
Should cryptocurrencies be considered “commodities” or “securities”? This was one of the main topics discussed at the meeting.
Behnam says Bitcoin and Ethereum are the only cryptocurrencies that should be considered commodities by the CFTC. He also said that due to the nature of the crypto industry, it is difficult for the CFTC to enforce in the sector. The CFTC has no direct access to or control over the cryptocurrency market.
The cryptocurrency market is “something we’ve never dealt with before,” Behnam continued to say.
MicroStrategy chairman and founder Michael Saylor addressed Behnam’s comments in a tweet on December 1, citing the importance of Bitcoin and Ethereum as commodities.
Viewing Ethereum as a commodity contradicts what Behnam said in October.
A crypto commons is a broad term for a tradable asset, which can be a commons, a tool or a contract, in the real world or virtual world through processed tokens on the blockchain.
The CFTC Chairman’s comments could be a good sign for BTC/USD.
Bitcoin price prediction
Bitcoin is currently trading at $17,085 and has traded $25 billion in the past 24 hours. The BTC/USD pair is up 1.15% during this period and is up around 3% in the past week.
Bitcoin was very bullish on Thursday but entered the “overbought” zone and is now close to a double resistance near $17,255.
If Bitcoin manages to break this resistance, it could rise towards the next levels of USD 17,600 and USD 18,000.
Support remains on the downside at $16,650 and a double resistance now acts as support.
The RSI is close to the “oversold” zone, but the MACD points to further bullish action.
Investors should keep an eye on $17,235 as a break from this level is a good buying opportunity, and if it fails, a sell trend could emerge.
3 Alternate Coins with Chance to Go x20
Despite this uncertain market, there are certain crypto coins that have done very well in recent times and have caught the attention of crypto whales. These coins are pre-sale crypto projects that are currently extra cheap to stock.
Dash 2 Trade (D2T)
Dash 2 Trade (D2T) is an intelligent trading platform on the Ethereum blockchain that uses real-time analytics and social data to help investors and traders make better choices in the market. Dash 2 Trade will go live in the first quarter of 2023 and the native token, D2T, will be used to pay for the platform’s service (users can choose between 2 different plans).
The pre-sale of Dash 2 Trade has already raised more than $7.5 million and soon enters the fourth phase, the penultimate one. After the presale, the D2T token will be added to LBANK Exchange and BitMart, giving early investors a good chance to make a lot of profit from this project.
Visit the Dash 2 Trade Presale here
Robot Era (TARO)
RobotEra (TARO) is a metaverse sandbox game where players can control their own robot and use it to rebuild the virtual world, with NFT properties, buildings and other in-game objects. It will go live in Q1 2023 (in an alpha testing phase) and plans to allow players to connect to other metaverses, making it a multiverse where NFTs from different platforms can work together.
The presale of the native token, TARO, consists of three phases and is currently in its first phase.
TARO is currently priced at 0.020 USDT but will increase to 0.025 USDT in the next phase of the presale.
Visit the RobotEra Presale here
Calvaria (RIA) is a brand new game to earn money where players can collect, trade and implement trading cards to compete against other players. In addition to the play-to-earn features, there will also be a free version where players do not need any cryptocurrency, making Calvaria more attractive than alternatives where you have to invest to participate at all.
The native token, RIA, will be implemented in the ecosystem for purchasing in-game items and for betting, so it will have a strong use case. The RIA presale has already raised $2.1 million and is currently in its fifth and final phase. At this stage you can buy 30.77 RIA for 1 USDT.
Visit the Calvaria Presale here