Bitcoin Price Prediction as BTC Surpasses $18,000 for the First Time in 30 Days and Falls Back Time to Buy the Dip?

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During our Asian session Bitcoin price prediction, we predicted that BTC would drop further to complete a 61.8% Fibonacci retracement at $17,440 before bouncing back. BTC fell to trade near $17,500; closing candles above this level can cause a bullish bounce.

Aggressive rate hike decisions from the FOMC and the Fed could be one of the main causes of a bearish Bitcoin trend.

After seeing inflation rise, the Federal Reserve raised interest rates again on Wednesday to 4.5%. The Fed’s interest rate forecast may be more optimistic than expected. Almost all board members agree that an interest rate just above 5% is reasonable for the next year.

Even though Powell acknowledged that no one can predict when a recession will hit, the Federal Reserve has been more hawkish than many expected. The Fed news seemed to have a negative impact on the markets and bitcoin. A hawkish Fed could cause a temporary selloff in markets as things stand.

ECB follows Fed and raises rates to 2.50%

In addition to the Federal Reserve, the European Central Bank (ECB) decided to raise its main interest rate by just a quarter of a percentage point, from 1.5% to 2%, during its meeting on Thursday.

Additionally, starting in March 2023, the company expects to reduce its balance sheet by an average of 15 billion euros ($16 billion) each month until the end of the second quarter of 2023.

Cryptocurrency markets remain bleak due to the FOMC’s hawkish stance, but there have been some positive developments that could push prices higher.

Hong Kong Exchange launches Bitcoin and Ether Futures ETFs tomorrow

Next Friday (December 16), the Hong Kong stock market would host the launch of two exchange-traded funds (ETFs) that track US-listed bitcoin futures. These products will be Asia’s first exchange-traded fund (ETF) to hold bitcoin and ether as underlying assets.

A Reuters report says ETFs will mirror the performance of futures contracts traded on the Chicago Mercantile Exchange. The CSOP Bitcoin Futures ETF and CSOP Ether Futures ETF raised a total of $73.6 million, with the former accounting for $53.9 million of that amount.

CSOP Asset Management’s head of quantitative investment, Yi Wang, sees the move as proof that Hong Kong has stayed the course on its crypto journey.

Despite recent liquidity issues that have plagued several cryptocurrency exchanges, Hong Kong is still supporting the growth of virtual assets, as evidenced by the launch of two exchange-traded fund (ETF) products dedicated to cryptocurrencies.

Let’s take a look at the technical side of the market!

bitcoin price

The current Bitcoin price is $17,474 and the 24-hour trading volume is $25 billion. The price of BTC has plunged more than 3% since yesterday. Bitcoin is trading negative, although it broke through a crucial resistance level around $18,150. However, Bitcoin fell below the $18,000 level following the news of Fed and ECB rate hikes. This suggests that the selling trend may continue.

Major technical indicators, such as the Relative Strength Index (RSI) and Moving Average Convergence Divergence (MACD), are currently positive, signaling that Bitcoin price may rise after completing the Fibonacci retracement at $17,440. .

Bitcoin’s next big resistance level is at $18,125; a break above this level could result in further gains and a price of $18,600.

Bitcoin price chart – Source: Tradingview

On the downside, Bitcoin price may find support at $17,440. This level has previously functioned as a barrier, and it is likely to keep BTC’s uptrend intact.

On the other hand, a bearish crossover below this zone could cause the price of BTC to drop below $16,850.

Dash 2 Trade (D2T) – Last step of the presale

The project said today that once the token sale reaches the $10 million mark, a countdown to its first listing on a controlled exchange will begin. If the $10 million goal is reached before the Stage 4 presale ends, Dash 2 Trade will launch DASH on CEX at the end of the presale.

Trevor Main, Community Manager for Dash 2 Trade, will be holding an AMA (ask me anything) on ​​the Coinsniper Telegram on Thursday, December 15 at 5:00 PM UTC.

Visit Dash 2 Trade now

RobotEra (BREAD)

Another Ethereum-based platform, RobotEra (TARO), is a Sandbox-style metaverse that will allow players to play as robots and help build its virtual world. This covers the development of NFT-based terrain, buildings, and other in-game assets, as well as the game’s goal of connecting players to other metaverses and creating an interoperable multiverse.

1 TARO is currently offered for 0.020 USDT (it can be acquired with USDT or ETH), however, this price will drop to $0.025 during the second stage of its presale. He has already raised around $553,000.

Visit RobotEra now

FightOut Token (FGHT)

FightOut is an innovative M2E ecosystem that provides personalized and actionable health recommendations. Token rewards are the main way the FightOut initiative hopes to motivate its members to stick to and improve their fitness routines.

Overpriced gym memberships, lack of social interaction, and poorly designed workout routines are just a few of the issues the FightOut team has identified as affecting the fitness industry as a whole. In order to alleviate these issues, the FightOut team has created and released an app called FightOut which has the added benefit of earning users money.

On December 12, a crypto pre-sale began, with early buyers receiving 60% of available tokens. FGHT has already started over 1.8 million tokens so far.

Visit FightOut now

Find the best price to buy/sell a cryptocurrencyCryptocurrency Price Tracker – Source: Cryptonews

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