On Tuesday, the BTC/USD pair fell to a support level at $16,900. The $17,000 level has so far served as strong resistance. The price needs to consolidate here for a few days before making a bigger move to the upside.
This recent price action comes as a Bitcoin advocate on Twitter known as ShireHodl sent over 110 micropayments to first-time Bitcoin Lightning users, boosting the network’s adoption.
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.
Shire Tweeted that he would send one thousand sats to as many individuals as possible before falling asleep.
Shire stated, “I’ve sent out roughly 110 payments of 1000 sats,” when asked how much money he had given out.
Sats is an abbreviation for Satoshi, the lowest unit of Bitcoin currency. So 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 payment system, and perhaps even a widely adopted currency someday. The news has kept Bitcoin supported.
The current Bitcoin price is $17,002, and the 24-hour trading volume is $19 billion. The BTC price is down just over 1% today, along with the broader markets.
Given the strong US dollar, the BTC/USD pair fell from the $17,385 level, giving up most 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.
If BTC is able to consolidate above $17,000 then there is a 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.
On the downside, a break below the $16,840 support level could extend the selling trend all the way to the $16,500 level.
Given crypto’s high correlation with the equities markets, if stocks take a big hit, there is potential for BTC to fall to $10,000. However, this is unlikely to happen soon given that the markets have held well so far after the FTX collapse.
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 Ends in a less than a week
IMPT is a carbon-credit marketplace that will reward consumers for shopping with eco-friendly merchants. These rewards will arrive in the form of its IMPT token, which can be used to buy NFT-based carbon offsets that can be traded or retired.
The project is getting attention as it will start trading on the decentralized exchange (DEX) Uniswap on December 14. Two centralized exchanges, LBank and Changelly Pro, will list IMPT shortly after its DEX launch.
IMPT’s first presale launched on October 4 and raised $1 million in 72 hours, with the project reaching its presale target of $10.8 million on October 26. This was a record-breaking 22-day period.
Currently, IMPT has raised more than $14.4 million since its initial public offering in October, with 1 IMPT currently selling for $0.023.
Buy IMPT Now
Dash 2 Trade (D2T)
Running on the Ethereum blockchain, Dash 2 Trade is a trading intelligence platform that offers investors real-time analytics and crypto signals to users of all experience levels.
It will go live in early 2023, 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 $8.7 million, with the fourth stage nearly sold out. Listings on BitMart and LBANK Exchange have already been confirmed giving early investors a good opportunity to make some decent returns.
Visit Dash 2 Trade Now
Also using Ethereum to host its token, RobotEra (TARO) is a Sandbox-style Metaverse that will enable gamers to play as robots and participate in the creation of its virtual world. This includes NFT-based land, buildings, and other in-game items, with the game also planning to let players link up with other metaverses and create an interoperable multi-verse.
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.
Visit RobotEra Now