Bitcoin’s upward trend was unable to be sustained, and it dropped below $16,650. But Bitcoin is moving in a bullish direction now that the dovish FOMC meeting minutes have been made public.
The FOMC minutes state that a “Substantial Majority” of Fed officials anticipate a “soon” slowdown in rate increases. The majority of participants in the Open Market Desk survey believed that the most likely outcome of the December meeting was a hike in the federal funds rate target range of 50 basis points.
Additionally, a rise in Bitcoin prices was precipitated by the passage of legislation by New York Governor Kathy Hochul banning some bitcoin mining operations that use carbon-based energy.
Today Bitcoin Price
Bitcoin Price Prediction
The price of Bitcoin is currently $16,509, and $33 billion worth of transactions take place every day. In the past day, Bitcoin has increased by more than 3%. With a live market cap of $348 billion, CoinMarketCap is now ranked first. 19,215,037 BTC coins are now in circulation out of a total supply of 21,000,000 BTC coins.
Since it first started trading at $16,215, the BTC/USD pair has fluctuated between a high of $16,648 and a low of $ 16,168. Near the $16,300 mark, Bitcoin is currently finding rapid support. The chance of a bullish reversal is raised by candles that close above this level.
A bullish engulfing that breaks past the $16,350 resistance and closes above it suggests that the bullish trend may continue. Consequently, additional purchasing pressure may cause an upswing to reach resistance at $17,180.
There can be additional buying chances up till the $18,650 level, which is extended by the 38.2% Fibonacci retracement level, if the $17,180 level is broken once again.
The RSI and MACD are both in a purchasing zone, therefore we can anticipate the rally to continue. BTC might reach the $17,600 level if the $17,000 threshold is breached.
A break of this level could push Bitcoin as low as $15,670. On the downside, Bitcoin’s support is still at $16,000.
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