The price of bitcoin and ethereum soared, with both cryptocurrencies gaining more than 10%. As investors and traders closely monitor these developments, many question whether their ascent is limited. Will this bullish trend continue, or are we reaching a potential peak?
let’s find out.
BTC/USD Currently trading at 30,759, showing an increase of 10% in the last seven hours. The rise in the price of the most popular cryptocurrency can be attributed to several factors, including improving market sentiment and positive PPI data favoring Bitcoin.
Bitcoin Benefits From Positive US PPI Data
According to a report released on Thursday, the seasonally adjusted Producer Price Index (PPI) fell 0.5% in March. The headline PPI came in at 2.7% year-on-year, which was below market forecasts of 3%.
US PPI Data indicate that inflation has declined faster than anticipated, possibly due to lower volatility. As a result, the unexpected drop put significant pressure on the US Dollar, causing the DXY to fall to a yearly low of 100.83.
The news is positive about inflation prospects, as the Fed is likely to hold off on raising rates after its meeting in May. This development is good news for risk assets and reflects an improvement in market sentiment.
The release of the minutes on Wednesday also revealed that several Fed members had discussed holding off on raising interest rates as they monitored the state of the banking industry.
Additionally, the Fed warned of a possible mild recession in the US later this year. As a result, it will be challenging for the bank to raise rates amid fears of a recession. The cryptocurrency market reacted well to this news, and BTC/USD increased as a result.
New Bitcoin-Only Policy Organization Launched in the UK
Bitcoin Policy UK (BPUK), a collaboration of entrepreneurs, environmental activists and bitcoin supporters, has been launched to promote the use of bitcoin in the United Kingdom. The vision of the organization is to leverage the long-term benefits of bitcoin for the UK economy.
BPUK aims to increase awareness and education about bitcoin by promoting investment, educating people about future employment in the bitcoin industry.
The end goal is to use wasted and stranded energy resources to attract investment, create jobs and encourage new businesses in the UK.
The group seeks to bring together stakeholders such as politicians, environmentalists, entrepreneurs, energy providers and bitcoin experts to analyze how bitcoin can benefit UK residents, companies and neighbourhoods.
The London Stock Exchange Group (LSEG) Will Offer Bitcoin Futures and Options
On Thursday, the London Stock Exchange Group (LSEG.L) and the Global Futures & Options (GFO-X) announced partnership To provide the UK’s first regulated trading and clearing of bitcoin index futures and options derivatives.
LSEG’s clearing house affiliate in Paris, LCH SA, will provide clearing solutions for dollar-denominated, cash-settled BTC index futures and options contracts traded on the GFO-X exchange.
The launch of the new service is planned for the fourth quarter of this year, pending regulatory approval from France and the European Union.
LCH SA will work with the FCA-licensed GFO-X trading venue to offer a centrally approved, regulated trading environment for leveraged BTC/USD.
bitcoin price
on friday btc/usd pair It experienced an increase above the $30,500 double top resistance. If the pair can sustain above this level for the 4-hour candle, it is expected to generate significant upside momentum in the market.
On the upside, bitcoin could face an immediate resistance level of $31,400, and if demand for BTC increases, it could break above this level and reach the $32,300 mark.
Both the RSI and the MACD indicators are in the buy zone, which supports the possibility of a continuation of the bullish trend. However, it is advisable to wait for BTC to recover and retest the $30,500 level before taking any buy positions.
If the BTC/USD pair declines below the $30,500 level, it is likely that the $29,700 or $28,850 levels will act as support.
ethereum price
Ethereum, the second most popular cryptocurrency, is experiencing a significant bullish trendline above the $2,075 resistance. The cryptocurrency is now heading towards $2,150, a resistance level established by the previous high of May 2022.
If ETH manages to successfully close above the $2,150 level, it could trigger an uptrend that could reach as high as $2,250 or $2,300.
However, if it fails to close above the $2,160 level, the price could decline further towards $2,075 or $2,030. Keeping an eye on the $2,160 level is necessary to determine whether to consider a buy or sell trade today.
Top 15 Cryptocurrencies to Watch in 2023
Stay abreast of the latest ICO projects and altcoins by frequently consulting this expert-curated list of the top 15 most promising cryptocurrencies to watch in 2023, as recommended by industry experts at Industry Talk and Cryptonews.
Disclaimer: The Industry Talks section features insights by crypto industry players and is not part of the editorial content of 0x0news.com.
Find the best price to buy/sell cryptocurrency