On Monday, Bitcoin price prediction is bullish because BTC has already broken through a major resistance level of $17,200, and closing candles above this level keeps BTC bullish.
The BTC/USD opened trading on December 5 at $ 17,128 and has since risen by more than 2% to $17,398. The BTC/USD pair is trading in a narrow range of $17,420 to $16,096. In addition, its value has increased by nearly 6% in the last week.
Let’s look at the major fundamentals that are driving the price action.
US Senator intends to Convert Texas into a Bitcoin-based Oasis
Ted Cruz, a US senator, wants to turn Texas into a haven for Bitcoin and other cryptocurrencies. During a speech at the Texas Blockchain Summit 2022 in late November, the lawmaker expressed his understanding of how the cryptocurrency sector may be significant for US energy supply and technological advancement.
The senator also emphasized the bitcoin sector’s potential benefits for US energy supply and technological development.
Cruz suggested that Bitcoin mining could be used to commercialize energy extracted from oil and gas fields, highlighting the possibility of using mining as a substitute for energy storage and supply. Furthermore, he emphasized how Texas promotes free enterprise and has an abundance of energy at low prices. It makes Texas a desirable location for the US cryptocurrency industry.
The Republican senator also stated that he buys Bitcoin on a weekly basis, as it is the only cryptocurrency in his portfolio. Furthermore, the news that a US Senator stated that Bitcoin mining could benefit the US energy supply and technological growth is good for BTC/USD, and its value is rising.
US Equities and Crypto Correlation
The upcoming week in macroeconomics will serve as a preview of the November US Consumer Price Index (CPI) print, which is scheduled for December 13. Traders should keep an eye on the US Producer Price Index (PPI) and unemployment data later this week, as both have a history of causing at least short-term volatility.
On December 2, US equity markets ignored better-than-expected labor market data and recovered from their intraday lows. It indicates that, despite recent job data, market participants do not expect the Fed to change its stance and continue to slow the rate hike cycle.
Furthermore, despite the fact that the FTX crisis disrupted the positive correlation between US equity markets and Bitcoin, the current surge in equities indicates a risk-on attitude. It could help the crypto industry by attracting investors to dips. BTC/USD is rising and showing signs of life.
BTC Whales Reaches 2-Year Lows
On December 4, the on-chain alerts platform Glassnode tweeted some Bitcoin statistics, signaling a drop in the number of Bitcoin whales. According to the post, there are now 1,665 fewer BTC whales than there were two years ago. The previous low was 1,671 on November 22 of this year.
Glassnode also tweeted that BTC’s transaction volume (7d MA) has dropped to a new 2-year low of $260,626,928.14. The previous low was on November 30th.
Typically, this type of decline implied that whales were selling or that there was a significant lack of demand from whales. However, if whales resume their interest in BTC, traders may continue to experience positive momentum.
Despite the reported decline in whale interest, the current price level of BTC/USD indicated significant consolidation to maintain the rise.
The current Bitcoin price is $17,228, with a 24-hour trading volume of $21 billion. The BTC/USD pair has surged over 1.5% in the last 24 hours. Additionally, its value has increased by around 6% in the past week.
The BTC/USD pair has broken through the $17,250 resistance level, breaking through a narrow trading range of $16,800 to $17,250. The RSI and MACD indicators are both positive, and the 50-day moving average is backing up BTC at $16,800.
On the plus side, Bitcoin is getting close to the next resistance level of $17,650, and a break above this could expose BTC to $18,000. On the 4-hour timeframe, BTC formed a bullish engulfing candle, just above an upward trendline level of $17,000
Further down, Bitcoin can aim for the $16,600 level, which is a 50% Fib extension, and a break below this level will expose BTC to the $16,450 level, which is a 61.8% Fib extension.
A bullish break of the $17,250 resistance level, on the other hand, could expose BTC to levels as high as 17,650 and $18,100.
Coins with Massive Potential
Given the cryptocurrency market’s bullish reversal, some coins are making headlines and are worth keeping an eye on.
IMPT: Presale to End in Less than a Week
IMPT, another Ethereum-based platform, is a carbon-credit marketplace that will reward customers for doing business with environmentally friendly companies. These advantages will be provided in the form of the company’s IMPT token, which can be used to purchase NFT-based carbon offsets, which can then be sold or retired.
Trading on the decentralized exchange (DEX) Uniswap will begin on December 14. IMPT is an ERC-20 token, which implies that it is compatible with the Ethereum network, which already houses hundreds of high-quality tokens. LBank and Changelly Pro, two centralized exchanges, will list IMPT shortly after its DEX launch.
Dash 2 Trade (D2T)
Running on the Ethereum blockchain, Dash 2 Trade is a trading intelligence platform that offers investors real-time analytics and social trading data, helping them make more informed trading decisions. It will go live in early 2023, with its D2T token being used to pay for the monthly subscription fees to its platform (there are two subscription tiers).
Dash 2 Trade’s presale has already raised more than $8.4 million and is due to enter its fourth and final stage once it reaches $8,757,000. It has also announced listings on BitMart and LBANK Exchange for early next year, giving early investors a good opportunity to make some decent returns.
Also using Ethereum to host its token, RobotEra (TARO) is a Sandbox-style Metaverse that will enable gamers to play as robots and participate in the creation of its virtual world. This includes NFT-based land, buildings, and other in-game items, with the game also planning to let players link up with other metaverses and create an interoperable multi-verse.
1 TARO is currently selling for 0.020 USDT (it can be bought using either USDT or ETH), although this price will rise to $0.025 in the second stage of its presale.