Bitcoin price prediction remains relatively unchanged during the European session, as BTC still trades above the major support level of $16,550. Bullish technical indicators suggest the market is waiting for a key on-chain signal before starting another bull market.
According to the developer of Puell Tips, the current BTC price decline is nearing its end. Some Bitcoin followers predict that new lows for BTC/USD are near at $12,000. Most Bitcoin supporters are optimistic about its future, though.
Two events that are happening on-chain, according to Puell, are already in place and will be crucial for the BTC price to rebound.
Despite the significant increase in the price of Bitcoin, many “long-term holders” have been holding on to their coins. Many short-term “speculators” have also been hit hard by the current decline in prices.
Puell thinks that all that’s needed is a boost in network activity across the board.
Mazars Group to Halts Work With All Crypto Firms
After the international accounting company Mazars Group published “proof of reserve” reports for many cryptocurrency exchanges, Binance, Kucoin, and Crypto.com all decided to break ties with them.
Big cryptocurrency exchanges are trying to keep their financial stability and show they can meet today’s withdrawal demands since they couldn’t prove that in the past.
Binance and Crypto.com’s respective CEOs have made an effort to set their companies apart from FTX. The latter has been accused of mishandling customer funds for years before filing for bankruptcy this past March.
It has come to light that Sam Bankman-Fried, the founder of Affiliate, is facing a number of charges relating to fraud and money laundering. Mazars cut ties with the company in February out of concern for the accuracy of its records.
Mazars, a leading international audit, tax and advisory firm, has announced that it is temporarily halting work on cryptocurrency-related Proof of Reserves reports because of how these reports are being perceived.
Futures have a bearish effect on the cryptocurrency market, which keeps Bitcoin bears in control.
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Bitcoin Price Prediction
Bitcoin’s current price is $16,730 and the 24-hour trading volume is $22 billion. Bitcoin’s price has dropped nearly 1.5% since yesterday. What does this mean for the future?
On Saturday, the BTC/USD pair is expected to find immediate support near $16,560. While the RSI and MACD indicators are in the oversold zone, BTC prices could soar to the 23.6% Fibonacci retracement level of $17,000.
Recently, the BTC/USD pair has been seen trading at $17,250. This is near the level that has also been extended by the 38.2% Fibonacci retracement point and the 50-day simple moving average.
On the other end of the spectrum, if Bitcoin goes below $16,570 it may also mean that’s $16,150.
