Bitcoin Price Prediction as $30 Billion Trading Volume Comes In – BTC to $20,000 This Week?
During the UK session, the Bitcoin price prediction remains bullish; however, BTC has to violate a double top resistance level of $17,250 before showing a further upward trend.
On November 30, Federal Reserve Chairman Jerome Powell spoke at the Hutchins Center on Fiscal and Monetary Policy about the state of the economy, inflation, and the changing labor market.
Powell forecasted that smaller-scale interest rate increases would begin in December.
According to CME Group's FedWatch Tool, the Federal Open Market Committee (FOMC) meeting in December is expected to increase by 25 to 50 basis points rather than 75 basis points.
The cryptocurrency and stock markets reacted positively to Powell's Brookings Institute speech, in which he noted promising inflation improvements that could lead to softer rate hikes.
Following Jerome Powell's speech, BTC/USD and several other cryptocurrencies are rising today.
The US dollar index (DXY), which rose at a parabolic rate throughout 2022, is now beginning to show signs of cooling. Bears held the US dollar at 105.90 on December 1, taking a breather after the worst monthly decline since September 2010.
The DXY recently reached its highest level since 2002, and recent CPI and PPI reports, which showed the Fed achieving some success in combating runaway inflation, may have slowed the momentum.
Investors would prefer to see a declining DXY as a reason to increase sentiment toward risky assets such as cryptocurrencies. After a declining DXY, the price of BTC/USD has typically moved in the opposite direction.
Rostin Behnam, chair of the CFTC, spoke at the DeCenter Inaugural Summit on November 30 about the need for regulations in the cryptocurrency industry and the risks of unregulated crypto.
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