Bitcoin Price Prediction as $30 Billion Trading Volume Comes In – BTC to $20,000 This Week?

During the UK session, the outlook for the price of Bitcoin remains positive; however, the price will need to surpass a resistance level of $17,250 before it can continue its upward trend. 

Federal Reserve Chairman Jerome Powell recently discussed the economy, inflation, and the labor market in a speech at the Hutchins Center on Fiscal and Monetary Policy.

According to Powell, smaller-scale interest rate increases are expected to start in December. 

CME Group’s FedWatch Tool also predicts that the December meeting of the Federal Open Market Committee (FOMC) will result in an increase of 25 to 50 basis points, rather than the previously predicted 75 basis points.

Jerome Powell’s speech at the Brookings Institute was well-received by the cryptocurrency and stock markets. Powell mentioned promising improvements in inflation that could result in less aggressive rate hikes. 

As a result, the price of BTC/USD and several other cryptocurrencies is currently on the rise.

US Dollar Continues to Cool Off

The US dollar index (DXY), which experienced significant growth throughout 2022, is now starting to show signs of slowing down. On December 1, the DXY was held at 105.90 by bears, following the worst monthly decline for the index since September 2010. Previously, the DXY reached its highest level since 2002. 

However, recent reports on CPI and PPI, which showed that the Federal Reserve was making progress in controlling inflation, may have dampened the momentum. 

Investors often see a declining DXY as a sign to increase their investments in risky assets such as cryptocurrencies. In the past, a declining DXY has often been followed by an increase in the price of BTC/USD.

The CFTC Chair Discuss Digital Commodities

Rostin Behnam, the chair of the U.S. Commodity Futures Trading Commission (CFTC), spoke at a summit on November 30 about the need for regulations in the cryptocurrency industry and the risks of unregulated crypto. 

One of the main issues discussed at the summit was the classification of cryptocurrencies as either “commodities” or “securities.”

Rostin Behnam, the chair of the U.S. Commodity Futures Trading Commission (CFTC), spoke at a summit on November 30 about the need for regulations in the cryptocurrency industry and the risks of unregulated crypto. 

Behnam stated that the only digital currencies considered commodities by the CFTC are Bitcoin and Ether. He also pointed out that the CFTC’s ability to take enforcement action in the crypto industry is limited due to the unique nature of the industry, which doesn’t give the CFTC direct access or control over cryptocurrencies. 

Behnam went on to say that the cryptocurrency market is “unlike any commodity we have dealt with.” 

Michael Saylor, the founder and executive chairman of MicroStrategy, tweeted about Behnam’s comments on December 1, highlighting the importance of Bitcoin and Ether as commodities. 

Additionally, Behnam’s comments on Ether as a commodity appear to be a reversal of previous remarks he made in October.

A crypto commodity is a broad term for a tradable asset that may represent a commodity, utility, or contract in the real or virtual world through customized tokens on a blockchain network. 

As a result, the CFTC chair’s remarks may be beneficial to BTC/USD. 

Bitcoin Price

The current Bitcoin price is $17,085, with a 24-hour trading volume of $25 billion. The BTC/USD pair has gained over 1.15% in the last 24 hours. Additionally, its value has increased by around 3% in the past week.

On Thursday, the BTC/USD pair is trading in a bullish manner, but it has reached an overbought zone and is facing resistance from a double top pattern near the $17,255 level. 

If the pair is able to break above $17,255, it could potentially reach the next resistance levels of $17,600 and $18,000.

Support remains around $16,650 on the downside, with a double-bottom resistance level now acting as support. 

The RSI is close to the overbought region. However, the MACD shows continued bullish momentum. 

It’s worth keeping an eye on the $17,235 level, as a break above it could provide good buying opportunities, while a failure to break above this level could lead to a selling trend.

3 Coins with 20X Potential 

Despite the market downturn, these coins have performed exceptionally well, attracting the attention of crypto whales.

Running on Ethereum, Dash 2 Trade is a trading intelligence platform that real-time analytics and social trading data, helping investors of all experience levels to make more informed trading decisions. It’s set to go live next year, 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 $7.5 million and is due to enter its fourth stage very soon, while it will end after the fifth. 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.

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RobotEra (TARO)

RobotEra (TARO) is a Sandbox-style Metaverse that will enable gamers to play as robots and participate in the creation of its virtual world, including NFT-based land, buildings, and other in-game items. Due to launch in an alpha version in the first quarter of next year, it also plans to let players link up with other metaverses, in the process creating a multi-verse where NFTs from different platforms can interoperate.

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.

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Calvaria (RIA)

Calvaria (RIA) is a game in which players can collect, trade and do battle with NFT-based cards. Aside from incorporating play-to-earn features, it will also enable users to play it without holding any cryptocurrency, something which could make it more popular than other blockchain-based titles.

RIA will be used within its ecosystem for purchasing in-game items and for staking, giving it a strong use case. The presale for the token has raised $2.1 million and is currently in its fifth stage, with 1 USDT buying 30.77 RIA.

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