Can BTC Break the $20,000 Resistance in 2023?

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The Bitcoin price prediction remains unchanged as BTC consolidates in a narrow range of $16,450-$16,750. The two most valuable cryptocurrencies, Bitcoin (BTC) and Ethereum (ETH), are currently trading at around $16,500 and $1,100, respectively, after failing to break out of their consolidation ranges.

The lackluster cryptocurrency market, which typically underpins riskier assets such as Bitcoin (BTC) and Ethereum, could be behind the currency’s decline.

Cryptocurrency prices, including Bitcoin (BTC) and Ethereum (ETH), stabilized in 2022, with global market capitalization falling below $800 billion for the first time in months. This is due to a number of factors, including geopolitical volatility, growing COVID concerns, Fed policy tightening, and the implosion of the Terra/Luna ecosystem.

Ethereum, the second largest cryptocurrency, is trading at around $1,200, but Bitcoin remains well above the $16,500 mark. If media coverage remains positive, crypto assets such as Bitcoin should hold their value until at least 2023.

As noted earlier, the slow price movement of major cryptocurrencies may be the cause of the ongoing financial turmoil and Covid scare, which are discouraging investors from investing in riskier assets. The majority of bitcoin users have liquidated or intend to liquidate their cryptocurrency wallets due to deteriorating economic conditions.

Emiliano Grodzki, co-founder and CEO of Bitcoin Mining Operation Bitfarms, resigns

Emiliano Grodzki, co-founder and CEO of Canadian bitcoin mining firm Bitfarms, resigned on December 29, according to a press release. It should be noted that Emiliano Grodzki and Nicolas Bonta founded the mining company in 2017.

Although Emiliano Grodzki remains a director, Bonta will take over as chairman of the board. Following Grodzki’s departure, President and COO Geoffrey Morphy was promoted to CEO.

As we all know, the bear market has had a negative impact on Bitcoin miners as their daily earnings have fallen to historic lows. Bitfarms has suffered consecutive losses over the past two quarters, despite current market conditions.

In the third quarter of 2022, the company lost $85 million, compared to $142 million in the second quarter. The company also tried to reduce its debt; in November of last year, it grossed $27 million. Since January, the value of Bitfarm (BITF) shares has fallen by more than 90%.

As a result, this news was seen as one of the major factors that negatively impacted the price of BTC.

Fed policy tightening and major stock market crashes

The policy tightening from the Fed, along with the implosion of the Terra/Luna ecosystem, hedge funds Three Arrows Capital and the FTX exchange, all weighed on digital assets. This year, digital assets have suffered significant losses as the Federal Reserve and other major central banks around the world have raised interest rates to combat unprecedented inflation.

Several factors, including the Federal Reserve’s policy tightening, as well as meltdowns in the Terra/Luna ecosystem, Three Arrows Capital hedge funds, and the FTX exchange, all played significant roles in undermining both. most valuable cryptocurrencies, Bitcoin (BTC) and Ethereum (ETH).

Due to the highly publicized collapses of Terra/Luna and FTX this year, which sent shockwaves through the industry and wiped over $2 trillion from the total crypto market capitalization as of November 2021, this year has been called a winter season for cryptocurrencies.

bitcoin price

The current price of bitcoin is $16,564, with a trading volume of $15 billion in the last 24 hours. Bitcoin is gaining strong support over the 4-hour timeframe at $16,460, which is extended by an outward trendline visible in the chart below.

Bitcoin price chart – Source: Tradingview

A positive break of the $16,720 level could lead Bitcoin price to reach the next resistance level of $16,990. Given that the RSI and MCD are negative, a break down of the $16,460 level could expose Bitcoin to immediate support levels of $16,200 or $16,000.

A further negative breakdown of $16,000 today could expose BTC at the $15,500 level.

Highest Profit Cryptocurrencies

Given the market’s risk aversion, traders are looking for alternatives with better short-term prospects. Early investors can participate in the largest pre-sales in the market.

FightOut (FGHT)

The FightOut (FGHT) platform works the same way as a personal trainer, except the FGHT token is proactively awarded for training time. All activities are recorded and can be used to improve the statistics of his metaverse avatar.

Earning FGHT tokens provides users with extra motivation to maintain a healthy lifestyle and exercise while enjoying the benefits of blockchain technology. FightOut has thrived and attracted investors despite the general lack of liquidity in the bitcoin market. It has already raised over $2.5 million through its token sale, which kicked off last week.

The current sale price of 60.06 FGHT for $1 (FGHT can be purchased with ETH or USDT) will increase as the sale proceeds.

Visit FightOut now

Trade Dash 2 (D2T)

Dash 2 Trade will be an Ethereum-based platform that will provide real-time analytics and social trading data when it launches in early 2023. Trading signals, on-chain analytics, strategy building tools and newsfeeds will be among the first features, helping new and experienced traders keep up with the volatile bitcoin market.

Dash 2 Trade, one of the leading ICOs of 2022, has unveiled its beta version of the dashboard with only 6 days left until the presale ends. D2T has already raised over $11.6 million in venture capital. D2T is the access coin of the system, and it is now worth $0.0533 in presale after being sold to investors for $0.0476 earlier.

Visit Dash 2 Trade now

C+Load (CCHG)

C+Charge (CCHG) is a peer-to-peer payment system for electric vehicle (EV) charging stations based on the Binance Chain. It plans to expand access to carbon credits by rewarding customers who charge their electric vehicles at its terminals, which are due to debut in the second quarter of next year.

Already, the platform has agreed to add 20% of Turkey’s EV chargers to its network, demonstrating its potential for rapid scaling. 1 CCHG costs $0.013 and can be purchased with BNB or USDT. So far, the project has raised over $47,800 in presale.

Visit C+Charge now

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

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