Bitcoin price prediction as BTC drops below key support, here are the levels to watch

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During the European session, the Bitcoin price prediction has not changed much today as BTC continues to trade above the major support level of $16,550. Given the bullish technical indicators, the market is waiting for an on-chain key signal before entering a classic bull market.

On December 17, the developer of the Puell Multiple tweeted that he believed the current BTC price decline was coming to an end. However, not everyone is pessimistic about Bitcoin’s future, although many are predicting new BTC/USD lows of $12,000 or lower this cycle.

According to Puell, two key on-chain events are already present and will be crucial for the price of BTC to rebound.

Despite the fact that Bitcoin has fallen nearly 70% from its all-time high, many long-term (LTH) holders are still holding onto their coins. Short-term “speculators” have also been hit hard by the current price drop.

Puell thinks an increase in network activity at all levels is all that’s missing.

Mazars Group stops working with all crypto companies

Mazars Group, an accounting firm, has temporarily stopped serving cryptocurrency clients. Immediately after the international accounting firm released “proof of reserve” reports for numerous cryptocurrency exchanges, Binance, KuCoin, and Crypto.com decided to sever ties.

The move comes as major cryptocurrency exchanges attempt to establish their financial stability and demonstrate that they can meet withdrawal requests without going bankrupt.

The respective CEOs of Binance and Crypto.com have made efforts to differentiate their companies from FTX, which has been accused of misusing consumer funds for years before filing for bankruptcy.

Sam Bankman-Fried, who started the business, has been charged with numerous counts of fraud and money laundering. Due to concerns about the accuracy of the Trump Organization’s financial records, Mazars severed ties with the company in February.

Mazars Group said in a statement to CNBC that it had “suspended work related to publishing proof-of-reserves reports for companies in the cryptocurrency industry” due to “concerns about how the public understands these reports”.

This increases the bearish pressure on the cryptocurrency market and keeps BTC bearish.

bitcoin price prediction

The current Bitcoin price is $16,730 and the 24-hour trading volume is $22 billion. Bitcoin price has fallen almost 1.5% since yesterday.

On Saturday, the BTC/USD pair is likely to find immediate support near $16,560. Given that the RSI and MACD indicators are in the oversold zone, BTC prices could rise to the 23.6% Fibonacci retracement level of $17,000.

Bitcoin price chart – Source: Tradingview

Higher, the BTC/USD pair is likely to meet new resistance at $17,250, a level that has been extended by the 38.2% Fibonacci retracement point and the 50-day simple moving average.

On the other hand, a break below $16,570 could expose BTC to $16,150.

High Profit Alternative Parts

Given the current risk sentiment in the cryptocurrency market, a few coins are making headlines. Let’s check them!

FightOut (FGHT) – Presale Launches

FightOut, a brand new Move-to-Earn (M2E) app and gym channel aimed at bringing the fitness lifestyle to Web3, has launched its pre-sale, and investors believe the project has the ability to transform the existing Web3 M2E landscape. .

While existing M2E apps such as StepN only track steps and require expensive non-fungible token (NFT) purchases to participate, FightOut takes a more comprehensive approach to tracking and rewarding its users for their exercise and activity and no longer requires no expensive purchases. -ins.

FightOut’s FGHT tokens are currently selling at 60.06 USDT for 1 USDT, and interested investors should act quickly to secure their tokens, as the presale raised over $2.8 million in just a few days. The FGHT token will power the FightOut crypto ecosystem.

Visit FightOut now

Dash 2 Trade (D2T) – Presale enters its final phase

Dash 2 Trade is a promising crypto trading platform startup for anyone looking to invest. The booming social analytics and trading platform set to take the crypto trading industry by storm with its unique features.

Among the features are trading signals, social and on-chain sentiment indicators, pre-sale token rating system, token list alert system, and strategy backtesting tool. The D2T token will power the Dash 2 Trade ecosystem, which users must purchase and hold to take advantage of the platform’s services.

Dash 2 Trade is now holding a pre-sale of tokens at significantly reduced prices, with sales recently exceeding $10 million. The presale dashboard will go live on Friday, and the development team is already ahead of schedule. The tokens are currently available for purchase for $0.0533 per token and will be listed on many centralized exchanges over the next month.

Visit Dash 2 Trade here

Calvaria (RIA) – Final presale phase now

RIA, a new battle crypto card game to be won, may be a possibility. Calvaria’s goal is to improve crypto acceptance by creating a bridge between the real world and crypto in the form of a fun, easy-to-play crypto game. Investors can explore Calvaria’s RIA token presale.

Calvaria has now received $2.47 million and is nearing the end of its fundraising campaign, with only 20% of the tokens remaining.

Visit Calvaria now

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

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