Get Ready For Today’s US CPI Figures; Bitcoin Price Prediction




After resuming strong momentum above the $17,000 milestone on December 13, Bitcoin remained stable during the Asian session. Like Bitcoin, Ethereum has done so, rising beyond $1,272 as investors await the US CPI statistics, which are expected at 13:30 GMT.

As major cryptocurrencies traded in the green early on December 13, the market capitalisation of all cryptocurrencies grew by 0.27% to $848.96 billion. To reach $35.10 billion in the past 24 hours, the total volume of the cryptocurrency market climbed by 29.04%.

The $2.13 billion total volume of Defi at this time is 6.06% of the 24-hour volume of the whole crypto market. Stablecoins currently account for $33.82 billion, or 96.35%, of the total 24-hour volume of the cryptocurrency market.

Today’s Market Stands For US CPI

When the November inflation numbers are released, the last key economic report before the Fed meeting, it is anticipated that pricing pressures will have eased. A 0.3% increase over the prior month is predicted by indicators, which is a little less than the 0.4% increase observed in October.

The predicted decrease in inflation from 7.7% to 7.3% annually. Although much more work is necessary to lower inflation, the trend is currently good.

Upgraded BTC Features: Smart Contracts

The Internet Computer (IC), the first open blockchain constructed for the internet, was developed by the DFINITY Foundation. 

The IC mainnet has announced its integration with Bitcoin, enabling cutting-edge smart contract functionality on the most well-known cryptocurrency in the world.

The Internet Computer may work as Layer 2 for Bitcoin, allowing smart contracts to store, transfer, and receive bitcoin without using any blockchain bridges. It offers a dependable framework for creating Defi and Web3 apps powered by Bitcoin.

By integrating Bitcoin with the Internet Computer, Threshold ECDSA bridges, a more secure substitute for centralised bridges, are made available (Elliptic Curve Digital Signature Algorithm.

Today’s Price Of Bitcoin

At the time of writing, the price of one bitcoin is $17,179, and its 24-hour trading volume is $17 billion. In the past day, the BTC/USD pair has increased by almost 1.3%, and CoinMarketCap is currently in first place with a live market cap of $360 billion, up from $325 billion yesterday.

On the technical front, Bitcoin has reestablished bullish momentum above the $19,900 main support line. On the 4-hour timescale, Bitcoin is now trading in a bullish channel, which will probably sustain it close to $16,900.

The key level of resistance for Bitcoin is still $17,350, and a bullish crossover over it may take it as high as $17,760.

Investors should seek a purchasing position over $17,350 today since the MACD and RSI indicators both point to a buying trend.

A bearish breakout of the $16,900 level might expose BTC to the $16,700 level. The subsequent supports for Bitcoin are probably between $16,350 and $16,000 further down.

About the author, Awais Rasheed

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