Bitcoin (BTC) and Ethereum (ETH) both managed to hold steady at $23,000 and $1,600 respectively. Earlier, BTC surged to a record high of over $24,000 after the Federal Reserve decided to increase interest rates by 25 basis points.
Later today, US January Nonfarm Payrolls are expected to be released today, which could have a major impact on BTC and ETH price.
The cryptocurrency market has been heavily influenced by the US Federal Reserve policy recently. Bitcoin and other digital assets saw an increase in value after the Fed announced that it would reduce interest rate hikes to 25 basis points.
On Thursday morning, BTC price soared to a 6-month high as it briefly broke the $24,000 barrier. Following this trend, Ethereum has seen a significant increase and is currently trading at $1,641.
Additionally, traders are hesitant to place any strong bids as the upcoming Non-Farm Payrolls (NFP) data scheduled for today could impact the bitcoin price. These figures are important because they will guide the Fed’s future decisions.
Additionally, strong employment growth indicates that the Fed will maintain its accommodative stance in the coming sessions.
Big day for bitcoin; US January nonfarm payrolls ahead
The US January Nonfarm Payrolls report is due today and it could be a big day for bitcoin. The report provides insight into the health of the US economy and may have an impact on the price of bitcoin. The report is expected to show that the US economy added fewer jobs in January, which would be a positive sign for bitcoin investors.
Additionally, other economic indicators such as the ISM Services PMI and Final Services PMI will also be released today and may affect the bitcoin price.
Investors should pay close attention to these reports in order to make an informed decision regarding their investments in cryptocurrencies.
TD Securities analysts predict a 220K increase in US non-farm payrolls and a projected expansion of the unemployment rate to 3.6%.
According to experts, the average hourly earnings have increased to 4.9% annually, while remaining unchanged at 0.3% on a monthly basis. This marks an increase from the previous release of 4.6%.
With demand for labor exceeding supply, job seekers have more negotiating power. This could result in higher price indices, which could offset recessionary expectations of Federal Reserve policy tightening.
Best Insurance Is Bitcoin, Says Cathy Wood
According to Cathy Wood, CEO of ARK Invest, bitcoin is a great asset to protect wealth and provide insurance for those around the world who are financially disadvantaged. From this point of view its price is likely to appreciate.
Cathy Wood, a strong supporter of the cryptocurrency, is confident that bitcoin will reach the $1 million mark. They believe that the digital currency provides an equal opportunity for the wealthy and those with more limited financial resources to keep their wealth safe.
Bearish US Dollar and Dovish Fed Stance
The broad-based US dollar failed to arrest its decline and fell further. The dollar index fell 1% to 101.08 points after the Fed’s decision on Wednesday, its lowest level since April 2022. Raising interest rates.
The central bank raised interest rates by 25 basis points (bps) to reflect the recent developments in the fight against inflation. However, Fed Chairman Jerome Powell noted that the country’s inflation rate remains high and expressed uncertainty about the number of rate hikes the bank will make to ease price pressures.
bitcoin price
Bitcoin (BTC) is currently priced at $23,480 with a 24-hour trading volume of $29 Billion. It is ranked top on CoinMarketCap and has a market capitalization of over $452 billion. There are 19.28 million BTC coins in circulation and a maximum supply of 21 million coins.
On the technical front, bitcoin is correcting lower towards the $23,300 immediate support area. If there is a breakdown of this level, further selling could push the price towards $23,000, where an ascending trend line could provide support.
The RSI and MACD indicators are showing a selling trend, so additional selling pressure could push BTC price towards the next support area at $22,750.
Since the 50-day exponential moving average is still suggesting a buying trend above $23,300, we could see a bullish rally in the BTC/USD pair. On the upside, a bullish breakout of the $23,950 level could propel BTC price towards the $24,500 mark.
ethereum price
EthereumThe current trading price is $1,639 with a 24-hour volume of $9.1B. The crypto asset has seen a decline of 1.50% in the last 24 hours. It currently has a market capitalization of $200 billion and is ranked second on CoinMarketCap.
On the technical front, Ethereum failed to break the key $1,710 resistance and declined sharply to trade near $1,635, possibly due to profit-taking by investors. Ethereum was in the overbought zone and has already completed the 50% Fibonacci retracement level at $1,635.
For now, a failure to stay above this level could send ETH price down towards $1,615, which is the 61.8% Fibonacci retracement level.
Both the RSI and MACD indicators are currently at the 54 and 0.90 levels, respectively, suggesting that Ethereum is no longer in an overbought position, with potential bullish dominance. Moreover, the 50-days EMA is also indicating a possible upside move in ETH price above the $1,620 mark.
Ethereum is currently located with resistance at $1,650 and $1,680. If these figures are crossed, the price of Ethereum could be higher up to $1720.
bitcoin options
Cryptonews Industry Talk evaluates the top 15 cryptocurrencies for 2023. If you are looking for a more promising investment opportunity, there are other options to consider.
The number of cryptocurrencies and new ICOs (Initial Coin Offerings) continues to grow on a weekly basis.
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
Bitcoin Crypto Related Post