Bitcoin, the major cryptocurrency, finally found support near $16,900 on December 7, which is extended by an uptrend line. The second most valuable cryptocurrency, Ethereum, is also supported above $1,240, a level extended by a double bottom pattern on the 2-hour time frame.
Major cryptocurrencies traded in a mixed bag in the early morning hours of December 7, with the global crypto market capitalization dropping 0.02% the previous day to $855.67 billion.
We will discuss the technical outlook in detail later in this article, but for now, let’s look at market fundamentals.
Let’s take a look at the top 24-hour altcoin gainers and losers.
Top altcoin winners and losers
Trust Wallet Token (TWT), MultiversX (EGLD) and Holo (HOT) are three of the top 100 coins that have appreciated in value over the past 24 hours. TWT’s price is up almost 5% at $2.40; EGLD’s price is up more than 4.5% at $45.28; the price of HOT rose nearly 4.5%.
Celo (CELO), Aptos (APT) and Kava (KAVA) are three of the top 100 coins that have lost value in the last 24 hours. While CELO is down around 4.70% and now trading at $0.6185, APT is down almost 4% and trading at $4.90. At the same time, the price of KAVA has fallen over 4.8% and is now trading at $0.8635.
Billionaire Tim Draper Predicts BTC Price Will Hit $250,000 Next Year
Tim Draper, the founder of Draper Associates and one of Silicon Valley’s most prominent financiers, reiterated his prediction of a Bitcoin price of $250,000 ($BTC), saying that the cryptocurrency will reach that figure by by June next year.
CNBC reported that despite cryptocurrency exchange FTX going bankrupt, Draper still expects the flagship cryptocurrency to grow more than 1,400% in less than a year.
According to him, the forecast of $250,000 has been pushed back six months from its original date of late 2022 or early 2023.
Senator Warren: Cryptocurrencies are regulated like securities
Senator Elizabeth Warren and Intercontinental Exchange Inc. (ICE) CEO Jeffrey Sprecher said most cryptocurrencies are regulated as securities in the United States.
Sprecher, whose firm ICE oversees the New York Stock Exchange, confidently predicted Dec. 6 at a financial services conference hosted by Goldman Sachs Group Inc. that cryptocurrency assets would be “regulated and treated like securities”.
He claimed this would lead to tighter regulation of centralized exchanges and brokers, leading to more protections for individual investors.
“What does this mean? It means more transparency, it means separate client funds, the broker’s role as a broker is supervised, and exchanges are separated from brokers. Settlement and clearing are separated from scholarships.
Overall, this is viewed positively by investors and could contribute to BTC’s uptrend.
bitcoin price
The current bitcoin price is $17,012 and the 24-hour trading volume is $19 billion. In the past 24 hours, the BTC/USD pair is down almost 2%, while CoinMarketCap currently ranks number one with a live market cap of $357 billion.
Amid continued bearish sentiment and US dollar strength, the BTC/USD pair fell from $17,385, giving back much of its gains. It now receives immediate support at $16,900 which is extended by an uptrend line on the 4-hour time frame.
If BTC can consolidate above $17,000, there are chances of an uptrend reversal. On the upside, Bitcoin may face resistance at $17,385; a bullish break above this level could allow further buying at $17,650 or $18,000.
On the other hand, a break below the $16,840 support level might extend the selling trend to the $16,500 level.
Ether price
The current price of Ethereum is $1,261, with a 24-hour trading volume of $5 billion. Over the past 24 hours, Ethereum has been largely flat on Wednesday, gaining less than 0.50%. CoinMarketCap is currently ranked #2 with a live market cap of $154 billion.
On the 4-hour chart, Ethereum fell to the previous support zone of $1,250 and a candle that closes above this level has the potential to trigger a rally. On the positive side, ETH has the potential to break the $1,300 resistance level.
As the 50-day moving average nears $1,250, the bullish bias remains strong.
On the other hand, the RSI and MACD have recently entered selling territory, indicating a selling trend in ETH. However, this looks like a bearish correction and the bulls will remain bullish until $1,250 is reached.
Increased selling pressure could lead to a bearish breakout that would allow further selling towards the $1,220 or $1,185 levels.
Keep an eye on $1,250 today as it is likely to act as a key pivot.
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