On Tuesday, the BTC/USD pair fell to a support area of $16,900, and the closing of candles above this level is making Bitcoin price predictions bullish.
Aside from the technical aspects, Bitcoin’s Lightning Network is making headlines, has a positive impact on BTC adoption and, ultimately, demand, and has the potential to drive BTC prices higher.
In reaction to Michael Saylor’s Lightning Network pool, a Bitcoin advocate on Twitter going by the name of ShireHodl, or simply Shire, sent over 110 micropayments to first-time Bitcoin Lightning users.
Shire urged anyone unfamiliar with Lightning to download a Lightning wallet from App Store or Google Play Store and to email him a QR invoice. Shire used his camera to scan the invoice’s QR code, and the Bitcoin Lightning Network processed the payment.
Before going to bed, Shire Tweeted that he would send one thousand sats to as many individuals as he could be bothered with.
Shire stated, “I’ve sent out roughly 110 payments of 1000 sats,” when asked how much money he had given out.
If you are wondering what Sats is, well Sats is an abbreviation for Satoshi, the lowest unit of Bitcoin currency. One bitcoin is equal to one hundred million Satoshis.
The Shire remarked:
“It’s not much, maybe $20 in total, but the total fee is less than a penny. Using a credit card or debit card, the fees would have been more than the value transferred, so it would have been impossible.”
The Bitcoin Lightning Network demonstrates that Bitcoin has the potential to become a global currency someday. Hence, it’s keeping BTC supported.
The current Bitcoin price is $17,001, and the 24-hour trading volume is $19 billion. During the last 24 hours, the BTC/USD pair has lost nearly 1.3%, while CoinMarketCap currently ranks first with a live market cap of $356 billion, down from $357 billion yesterday.
It has a total supply of 21,000,000 BTC coins and a circulating supply of 19,225,600 BTC coins.
Bitcoin Price & Tokenomics – Source: coinmarketcap
Given the strong US dollar, the BTC/USD pair reversed below the $17,385 level, giving up the majority of its gains. It is now gaining immediate support at $16,900, which is being extended by an upward trendline visible in the 4-hour timeframe.
Closing candles above $16,900 suggest a strong possibility of a bullish reversal. On the upside, Bitcoin may face resistance at $17,385; a bullish breakout above this level may open the door to additional buying up to $17,650 or $18,000.
Bitcoin Price Chart – Source: Tradingview
On the downside, a break below the $16,840 support level could extend the selling trend all the way to the $16,500 level.
Can $BTC Fall to $10,000?
To be honest, anything is possible in financial markets, but given the recent technical and fundamental outlook, I doubt Bitcoin will fall to $10,000. In fact, Bitcoin has a good chance of reversing higher if it manages to hold above $16,900.
Coins with Massive Potential
Given the bearish reversal in the cryptocurrency market, some coins are making headlines and are worth keeping an eye on.
IMPT: Presale to End in Less than a Week
IMPT is gaining traction due to the fact that it will begin trading on the decentralized exchange (DEX) Uniswap on December 14. LBank and Changelly Pro, two centralized exchanges, will list IMPT shortly after its DEX launch.
The first IMPT presale began on October 4 and raised $1 million in 72 hours, with the project reaching its presale goal of $10.8 million on October 26. This was a record-breaking period of 22 days. An IMPT token cost $0.018 in the initial presale.
Since its initial public offering in October, IMPT has raised more than $14.3 million, with 1 IMPT currently trading at $0.023. Due to its phenomenal success, IMPT.io, a new platform for carbon offsetting and carbon credits trading, will end its token presale early on December 11.
Dash 2 Trade (D2T)
Dash 2 Trade is a research and analytics tool that provides cryptocurrency investors with high-quality insights. The platform’s goal is to become the “Bloomberg terminal for cryptocurrency.” It has a comprehensive feature set that includes investor signals and a trading application trading interface (API).
Dash 2 Trade is currently holding a token presale at significantly discounted prices. D2T token sales recently surpassed $8.7 million. When the sale progresses to the next stage, the price per token will rise to $0.0556 from $0.0533.
RobotEra is a new crypto presale project, with investors enthusiastic about its launch in 2023. RobotEra is a play-to-earn (P2E) game with NFT ownership and metaverse world-building, allowing players to create active and passive revenue in several ways.
1 TARO is currently being sold for 0.020 USDT (it can be purchased with either USDT or ETH), but this price will rise to $0.025 in the second stage of its presale.
In the few weeks since the presale began, the project has raised more than $400K.
Find The Best Price to Buy/Sell Cryptocurrency
Cryptocurrency Price Tracker – Source: Cryptonews