Bitcoin Price Prediction as BTC Jumps Above $17,000 – How Much Higher Can it Go?
On Monday, Bitcoin price prediction is bullish because BTC has already broken through a major resistance level of $17,200, and closing candles above this level keeps BTC bullish.
The BTC/USD opened trading on December 5 at $ 17,128 and has since risen by more than 2% to $17,398. The BTC/USD pair is trading in a narrow range of $17,420 to $16,096. In addition, its value has increased by nearly 6% in the last week.
Let's look at the major fundamentals that are driving the price action.
Ted Cruz, a US senator, wants to turn Texas into a haven for Bitcoin and other cryptocurrencies. During a speech at the Texas Blockchain Summit 2022 in late November, the lawmaker expressed his understanding of how the cryptocurrency sector may be significant for US energy supply and technological advancement.
The senator also emphasized the bitcoin sector's potential benefits for US energy supply and technological development.
Cruz suggested that Bitcoin mining could be used to commercialize energy extracted from oil and gas fields, highlighting the possibility of using mining as a substitute for energy storage and supply. Furthermore, he emphasized how Texas promotes free enterprise and has an abundance of energy at low prices. It makes Texas a desirable location for the US cryptocurrency industry.
The Republican senator also stated that he buys Bitcoin on a weekly basis, as it is the only cryptocurrency in his portfolio. Furthermore, the news that a US Senator stated that Bitcoin mining could benefit the US energy supply and technological growth is good for BTC/USD, and its value is rising.
The upcoming week in macroeconomics will serve as a preview of the November US Consumer Price Index (CPI) print, which is scheduled for December 13.
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