The Bitcoin price prediction has turned bearish following the bearish breakout of the $16,900 support level. The BTC/USD pair began trading on December 17 at $16,635. Today, the $16,550 level provided support right away.
right away. The global crypto market’s worth dropped by 6.11%, to $797.45 billion, as major cryptocurrencies traded lower early in the Asian session. All crypto assets traded in the last 24 hours rose by 38.50% to $47.36 billion. At the moment, DeFi transacts $2.67 billion, or 5.63 percent, of the total 24-hour volume of all cryptocurrencies.
Now at $43.54 billion, the total volume of all stablecoins accounts for 91.92% of the entire 24-hour volume of the cryptocurrency market.
Japanese Government Just Slashed the Cryptocurrency Tax by 30%
Japanese crypto firms must pay a flat corporate tax rate of 30% on their assets in 2018, regardless of whether or not they made a profit that year. As a result of the ever-increasingly onerous tax rules over the past few years, some local crypto enterprises apparently decided to relocate their operations.
Given the damage it has done to the country’s economic progress, the LDP has made correcting this situation a top priority. Japanese Liberal Democrats (LDP) collaborate with the United States on defense and international policy and put an emphasis on administrative reform. The phrase “administrative reform” could have a variety of meanings depending on the setting.
Reforms in areas like taxation that can stand the test of time and economic pressure are examples of such ideas. The LDP tax committee held a meeting on December 15 to talk about ways to boost economic growth in Japan. Alterations to the tax code were on the agenda. A bill that had been introduced in August also passed at the same time. Token issuance and token custody by cryptocurrency businesses would no longer be subject to paper gains taxes under the proposed plan.
The Japanese government plans to reduce the tax burden on local crypto companies in an effort to stimulate the growth of the IT and financial sectors. The more lenient crypto tax legislation will start making its way through congress in January, with enforcement beginning in April of the following fiscal year.
Bitcoin Price Prediction
The 24-hour trading volume for Bitcoin is $26 billion at its current price of $16,742. Since yesterday, the value of Bitcoin has fallen by almost 4%. The 50-day moving average and $17,250 provided support for the Bitcoin/US Dollar exchange rate on Friday. Increased bearish pressure resulted in a bearish crossover below $17,200, sending the BTC/USD pair plunging toward $16,570.
Bitcoin Price Chart – Source: Tradingview
Technical indicators like the relative strength index (RSI) and the moving average convergence divergence (MACD) are frequently used by traders to analyze the current price of an asset and predict its future direction. These indicators have entered the oversold zone, suggesting that Bitcoin may experience a slight bullish correction from its current bearish trend.
Doji candle closes above $16,550 on the BTC/USD chart and also points to a possible bullish correction to $17,000 and even higher to $17,250, lending credence to this scenario. However, if prices drop below the $16,555 support level, sellers may have more room to move downward, potentially all the way down to the $16,200 or $16,000 level.
Bitcoin Price Prediction – Technical Levels
Support Resistance 16663 17080 16483 17317 16246 17497 Pivot Point: 16900
Let’s check out some alternatives to Bitcoin that have huge potential gains.
Dash 2 Trade (D2T)
Dash 2 Trade, a professional trading intelligence platform, has raised approximately $10 million in its presale. The project said today that once the token sale exceeds the $10 million mark, a countdown to its first controlled exchange listing will begin.
Dash 2 Trade guarantees a CEX listing within 30 days of reaching the $10 million milestone or at the completion of stage 4 presale, whichever comes first. The announcement follows the formal confirmation of the crypto project’s third CEX listing agreement – Changelly Pro joins LBank and BitMart as the first centralized exchanges to commit to listing the token immediately after the presale closes.
D2T, the platform’s native token, will be used to pay for platform services as well as participate in community activities and tournaments. The cryptocurrency is already being sold, with over $10 million already raised.
Calvaria (RIA)
Calvaria defies conventional pay-to-win gaming by providing NFTs to consumers as soon as they sign up. As a result, participants in the game do not require any financial or technological resources. Calvaria’s early-round crowdfunding piqued the curiosity of investors. The first four stages of its presale sold out quickly, while stage five is around 80% sold out.
Investors who wish to purchase 30.77 RIA tokens for USDT 1 must act quickly before the presale ends. Calvaria has raised approximately $2.4 million since the presale began. The overall project funding will be $3,075,000 when stage 5 is completed.
FightOut (FGHT)
FightOut is a new move-to-earn platform that rewards users for completing workouts. While there are other M2E platforms on the market, FightOut has taken an innovative approach by lowering the entry hurdle for Web2 users. Furthermore, all users are acquainted with the platform.
The FightOut presale has only recently begun. 1 FGHT token costs $0.01665002 in the presale. The team does not currently intend to raise the presale fee, although it may do so in the future. The presale has a hard ceiling of $100 million, with more than $2 million already raised.
Disclaimer: This is a paid release that was not written by Crypto Online News. The statements, views and opinions expressed in this column are solely those of the content provider and do not necessarily represent those of Crypto Online News. Crypto Online News does not guarantee the accuracy or timeliness of information available in such content. Do your research and invest at your own risk.
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