Bitcoin Price Prediction as BTC Sees $10,000,000,000 Trading Volume Come In – Here are Key Levels to Keep an Eye On
On December 25, Bitcoin's price prediction is unchanged as BTC is trading choppy in a narrow range of $16,700 to $17,000. The hashrate for Bitcoin dropped by 35% in 24 hours as miners in the US shut down their operations in the face of the severe weather.
On December 24th, the hashrate dropped to 156 EH/s, as reported by BTC.com. Prior to that, the average hashrate was 237 EH/s throughout the course of 14 days. Thousands of flights in the United States have been canceled due to the recent winter storms.
Storm-related issues, like power outages, have forced Bitcoin miners to stop their operations. According to PowerOutage, a website that monitors outages, nearly 1.4 million buildings are without power.
Mark Cuban, the owner of the Dallas Mavericks, plans to buy additional Bitcoin in a future episode of "Club Random," the podcast of comedian Bill Maher. Fortune says that he claimed he wanted the largest cryptocurrency to "sink down a lot more" before investing more. Monday will be the premiere of the episode.
In his appearance, Cuban rebutted Maher's claim that gold is a good inflation hedge by saying, "You know what? If you have gold, you’re dumb as f--k."
Cuban continued by telling Maher that bitcoin is a solid investment, however, he cautioned against encouraging others to purchase bitcoin.
Bitcoin's current price is $16,813, and the 24-hour trading volume is $10 billion. The BTC/USD pair is almost unchanged today, and continues to maintain a choppy range of $16,700 to $17,000.
Following an unsuccessful attempt to break out over $17,000, BTC has retraced and is stabilizing near $16,800. If the bulls want another chance at higher prices, the price must remain above $16,587.
A bearish breach of the $16,600 support level may
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