Category: Cryptocurrency News

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Bitcoin and the broader crypto market rapidly reversed course in response to the U.S. Federal Reserve’s announcement of a 50-basis-point increase in interest rates, erasing any gains made before the disclosure. The Federal Reserve has been steadily raising interest rates in an effort to ease the economy and rein in inflation, which has driven prices of basic commodities to record highs. Yesterday, Bitcoin’s price reached a one-month high and had a brief recovery of positive momentum, but a conservative report from the Federal Open Market Committee (FOMC) and remarks from Fed chair Jerome Powell drove BTC to an intraday low of $17,659. Related Reading: LINK Still On ETH Whales’ Shopping Cart Despite Dismal Performance In Last 7 Days A Whipsaw For Bitcoin After Fed Disclosure According to TradingView data, the BTC price saw a bit of a whipsaw in response to the central bank announcement, rising to an intraday high of $18,377 before falling to a low of $17,663 in a few of hours before bulls pushed it back up above the $17,800 support. Prior to Powell’s announcement, the key indexes were in the green zone; however, they plunged into the red zone afterwards. At the close of trading, the Dow Jones, Nasdaq, and S&P were all in painted in crimson. Powell told members of the press on Wednesday afternoon that “we have more work to do” and that “inflation risks are on the upside.” Coingecko statistics indicates at the time of writing that Bitcoin (BTC) and Ethereum (ETH) values have fallen by more than 2.7% in the last hour and are presently trading at $17,717 and $1,292 apiece. In the past 24 hours, the market capitalization of all cryptocurrencies declined 1.42 percent to $857.98 billion, representing a decline of $85.72 billion. The overall crypto market volume during this timeframe has decreased by 14.40%, reaching $45.67 billion, based on latest data. BTC total market cap at $341 billion. Chart: TradingView.com Related Reading: How Litecoin (LTC) Outperforms Other Top Cryptocurrencies In This Department The Experts’ Crystal Ball: BTC Price For 2023 In its Crypto Outlook For 2023 report by Forbes Advisor, it predicts that Bitcoin’s price could decline to $13,560 in 2023, given that the crypto’s reputation has been severely damaged by the problems and scandals of 2022 and that broader markets are suffering. Jim Wyckoff, a senior technical analyst at Kitco, has a different take: he said that Bitcoin’s surge to $18,377 indicates a five-week high, which actually signals optimism in the crypto’s price trajectory. The markets fell from $20K to $15.6K due to the FTX collapse. We’re currently trading at $18K, slightly higher than the low in June. I understand the bearish thesis, but this is honestly a sign of strength for #Bitcoin. — Michaël van de Poppe (@CryptoMichNL) December 14, 2022 According to Wyckoff, this week’s price action has created a bullish “upside breakout” from a “choppy and sideways trading range” on the daily chart, indicating the emergence of a price upswing. For his part, renowned analyst like Michael van de Poppe says that the market has already reached its bottom and that a Bitcoin relief bounce is in the offing. Meanwhile, the question that arises now is whether the current market turmoil will persist into the new year, and if so — when the crypto winter’s frozen edges might begin to thaw.

After announcing the approval of nine new digital funds, WisdomTree reiterated that it wants to further integrate blockchain tech to improve the investor experience.

B. Riley suggested the embattled miner’s issues were “self-imposed” and outlined a path for it to avoid bankruptcy.

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The CEO of Bitgo stated that the Alameda representative failed the security verification process required to convert wrapped-BTC into BTC.

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Tron price is up over 5% and showing positive signs above $0.055 against the US Dollar. TRX could outperform bitcoin and rise further towards $0.060. Tron price is trading in a positive zone well above the $0.0520 pivot level against the US dollar. The price is showing positive signs above $0.055 and the 100 simple moving average (4-hours). There is a major bullish trend line forming with support near $0.0530 on the 4-hours chart of the TRX/USD pair (data source from Kraken). The pair is likely to start a fresh increase above the $0.0562 and $0.0575 resistance levels. Tron Price Jumps 5% In the past few days, tron price remained strong above the $0.0520 level against the US Dollar, outperforming bitcoin and ethereum. TRX gained pace for a clear move above the $0.055 resistance and the 100 simple moving average (4-hours). The price traded to a new weekly high at $0.0575 and it is currently correcting gains. There was a move below the 23.6% Fib retracement level of the recent rally from the $0.0519 low to $0.0575 high. Trx price is now trading above $0.055 and the 100 simple moving average (4-hours). It is also above the 50% Fib retracement level of the recent rally from the $0.0519 low to $0.0575 high. On the upside, an initial resistance is near the $0.0562 level. Source: TRXUSD on TradingView.com The next major resistance is near the $0.0575 level, above which the bulls are likely to aim a larger increase towards the key $0.0600 zone in the coming sessions. Any more gains could set the pace for a move towards the $0.0645 level. Dips Likely to be Limited in TRX If TRX price fails to clear the $0.0575 barrier, it could correct lower. An initial support on the downside is near the $0.0550 zone, where the bulls are currently taking a stand. The next major support is near the $0.0540 level and the 100 simple moving average (4-hours). The main support is near the trend line and $0.0530, below which there is a risk of a move towards the $0.050 support. Technical Indicators 4-hours MACD – The MACD for TRX/USD is gaining momentum in the bullish zone. 4-hours RSI (Relative Strength Index) – The RSI for TRX/USD is currently above the 50 level. Major Support Levels – $0.0550, $0.0542 and $0.0530. Major Resistance Levels – $0.0562, $0.0575 and $0.0600.

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