Bitcoin price prediction
According to Iran Economist, citing Crypto, while the downward cloud is lurking in the digital currency market, only a few green coins are among the top 100 coins.
The sudden selling pressure in the crypto space is increasing as market participants worry about the financial health of the world’s largest digital currency exchange, Binance. This concern arose when Binance presented its proof of reserves report in partnership with Mazars Group, which many considered opaque. In addition, news from the group points to the suspension of relations with Binance and several other crypto-exchanges, causing further panic in the market.
Investors are very cautious about such events because the crypto space has recently suffered the fall of the digital currency of the FTX exchange.
In addition, the news that the US Federal Reserve will be tough on interest rate hikes added more negativity to the market.
The price of Bitcoin saw an upward trend from late November to mid-December. However, this bullish price trend appears to have been part of a bearish continuation pattern called a “reverse flag” so, with the recent price drop, the coin’s price made a major breakout from the pattern’s support trendline.
On December 16, a long breakout candle supported by rising volume indicated seller confidence for further correction.
Today, the Bitcoin price is trading at the $16,709 mark, showing a power struggle to cross the horizontal level of $16,825. Therefore, if the price shows stability below the mentioned $16,825 or breaks the trend line, Bitcoin price may drop by 6.7% and reach $15,600 again.
Similar to Bitcoin, the price of Ethereum rose in response to the support trend line. However, on December 15, the altcoin crossed the uptrend line, indicating that market sentiment has changed from buying on the decline to selling on the rally.
With the sustained selloff, Ethereum price declined and reached the local support of $1,240 at $1,222. This broken horizontal level provides further resistance in favor of sellers to sustain the continued decline.
At the time of publication, the price of Ethereum was trading at $1,180, up 1.15% on the day. A bullish candlestick with less volume indicates that the market participant is more interested in selling activities, so a possible retest stage may come back to $1180 to fill the bearish move. Moreover, a crash after a retest may bring the Ethereum price back to $1,100-1,080.
The total value of the global market of digital currencies is currently estimated at 812.46 billion dollars, which has increased by 1.26% compared to the previous day. Currently, 39.73% of the total digital currency market is owned by Bitcoin, which has decreased by 0.30% in one day.
The total volume of the digital currency market in the last 24 hours is 26.02 billion dollars, which has decreased by 47.09%. The total volume in decentralized finance is currently $1.61 billion, which is 6.19% of the total 24-hour cryptocurrency market volume. The volume of all stablecoins is now $24.20 billion, which is 93.02% of the total 24-hour cryptocurrency market volume.
Cryptocurrency price update (up to 08:02 EST)
This category contains the price changes of the 10 largest digital currencies in terms of market capitalization.
1- Bitcoin
Price: 16,794.02 dollars
Price changes in the last 24 hours: 0.31% increase
Price changes in the last week: 0.47% increase
2- Ethereum
Price: $1191.06
Price changes in the last 24 hours: 0.64% increase
Price changes in the last week: 1.27% increase
3- Tether
Price: $1.00
Price changes in the last 24 hours: 0.00% increase
Price changes in the last week: 0.00% decrease
4- USD coin
Price: $1.00
Price changes in the last 24 hours: 0.01% increase
Price changes in the last week: 0.00% decrease
5- Binance Coin
Price: $252.02
Price changes in the last 24 hours: 4.28% increase
Price changes in the last week: 9.41% increase
6- Ripple
Price: $0.3549
Price changes in the last 24 hours: 0.67% increase
Price changes in the last week decreased by 0.04%
7- Cardano
Price: $0.2698
Price changes in the last 24 hours: 0.44% increase
Price changes in the last week: 2.89% increase
8 – Dogecoin
Price: $0.07979
Price changes in the last 24 hours: 1.03% increase
Price changes in the last week: 3.12% increase
9- Polka dot
Price: $4.70
Price changes in the last 24 hours: 0.27% increase
Price changes of a recent week: 0.62% increase
10- Solana
Price: $12.56
Price changes in the last 24 hours: 0.95% increase
Price changes in the last week: 2.03% increase