
prices in the last few days Bitcoin (BTC) and Ethereum (ETH) has seen remarkable growth, recovering almost 5% of its value. This price movement has been welcomed by cryptocurrency investors and enthusiasts alike, as the crypto market has been facing a downtrend for the past few weeks.
While recovery is a positive sign, the question on everyone’s mind is – what’s in store for the weekend? Will the recovery rally continue, or will we see a reversal of the trend?
In this blog post, we will analyze the recent price action of BTC and ETH and examine the factors that could affect their prices over the weekend.
Insight on the Crypto Market: Fundamental Outlook Update
While economic data in the United States fueled speculation that the Federal Reserve may become more aggressive with interest rate hikes, the world’s largest cryptocurrency, Bitcoin (BTC), surged above the $24,000 level and gained momentum throughout the day. continues to receive.
Meanwhile, Ethereum, the second largest cryptocurrency, has also gained significant traction and is currently trading above the $1,700 mark.
Despite recent regulatory actions and rumors, investor interest in cryptocurrencies remains strong. This is due to several positive developments in the market, including the adoption of Bitcoin (BTC) by businesses.
On the other hand, investors reacted positively to the release of economic data on February 14, which showed a 5.6% year-over-year increase in the US Consumer Price Index and a 3% monthly gain in retail on February 15. sales.
In addition, the US dollar began to lose momentum and fell slightly on the day as the market readjusted ahead of the long weekend and anticipated signals from the Federal Reserve that it still intends to tackle high inflation. As a result, the negative US Dollar was seen as another major factor having a positive impact on BTC price.
Crypto Market Mood: Analysis of Current Sentiment and Trends
The global cryptocurrency industry has grown in popularity and is now valued at over $1.12 trillion. Most cryptocurrencies gained value during the day, possibly in response to January US Consumer Price Index (CPI) data.
The reduction of regulatory concerns in the cryptocurrency industry, as well as recent positive developments in the market, have also had a significant impact on the overall cryptocurrency market.
Furthermore, the growing popularity of non-fungible tokens (NFTs) and decentralized finance (DeFi) has further fueled the growth and value of cryptocurrencies.
However, the gains in the crypto market may be short-lived as economic data in the United States fueled speculation that the Federal Reserve may take more aggressive action by raising interest rates to combat persistent inflation. As a result, there could be increased uncertainty and volatility in the cryptocurrency market going forward.
Export prices rose 0.8% year-on-year, beating forecasts for a 0.2% decline. Additionally, the most recent data released on Thursday showed a monthly increase in producer prices in January and a lower-than-expected number of jobless benefit applications for last week.
These developments suggest that the US economy may be strengthening, which could impact the cryptocurrency market as investors assess the potential impact on the value of cryptocurrencies.
El Salvador Pioneers Bitcoin Diplomacy With Plans to Establish US Embassy
El Salvador has announced plans to open the world’s first “Bitcoin Embassy” in the United States. The embassy will serve as a hub to promote the use of Bitcoin (BTC), the most widely used cryptocurrency worldwide.
Earlier this year, El Salvador became the first country in the world to recognize bitcoin as legal tender. The country is now expanding its bitcoin strategy through a new partnership with the government of Texas, which is expected to further boost crypto adoption and integration in both countries.
The governments of El Salvador and Texas have announced a collaboration to establish a “Bitcoin Embassy”, which will serve as El Salvador’s representative office in Texas. This intergovernmental effort is aimed at promoting the adoption of bitcoin, and will provide a platform for embassy members to work together on building new initiatives.
The news was shared by Milena Mayorga, Salvadoran ambassador to the United States, on Twitter on 14 February. The embassy hopes to help drive global adoption of bitcoin and facilitate new partnerships between governments, businesses and investors in the cryptocurrency industry. ,
As a result, this development was believed to be one of the key drivers behind the recent surge in BTC price.
The Shanghai Upgrade and the Future of Ethereum
The Ethereum Shanghai hard fork is scheduled for March 2023 and will represent the final stage of the network’s transition to a proof-of-stake (PoS) consensus mechanism, starting with the merge on September 15, 2022. Once the Shanghai upgrade went into effect. , the ether that was previously locked up in staking will gradually become liquid again.
However, the implementation of Shanghai has been postponed until December 2022, when the unlocking process is expected to begin.
According to on-chain Etherscan data, approximately 16.6 million ETH are currently locked in proof-of-stake (PoS) staking protocols, with a total value of $28 billion as of February 16, 2023. From PoW to PoS, Ethereum’s initial goal of making the supply of Ether deflationary has begun to take effect.
In the 154 days since the merger, approximately 24,800 ETH have been burned, resulting in a deflationary effect of 0.05% for the coin on an annualized basis.
The total supply of Ether is 120 million, and as of February 16th, a little over 10% of that amount will be unlocked, resulting in yield gains that will become available following the implementation of the Shanghai upgrade.
bitcoin price
Bitcoin It is currently trading at $24,600 with a 24-hour trading volume of $38B and an increase of 3% in the last 24-hours.
After finding support near $23,325, the 50% Fibonacci retracement level, bitcoin rebounded and started an uptrend. The recent candle close above this level triggered a buying trend in bitcoin, which has contributed to the bullish sentiment in the market.
Looking ahead, the next resistance for bitcoin lies at $25,300. If a bullish crossover occurs above this level, it could potentially propel BTC price towards $26,000.

The 50-day moving average is adding to the potential for a continued upward move in bitcoin. To capitalize on this trend, investors can consider looking at the $24,250 level as a potential entry point to take long positions in bitcoin.
ethereum price
Ethereum It is priced at $1,700, with a 24-hour trading volume of $9.2 billion and an increase of 2.30% in the last 24-hours. On Saturday, the ETH/USD pair broke the key $1,670 resistance, indicating a bullish breakout that could create more buying opportunities towards the $1,750 mark.
A successful break above the $1,750 level could potentially lead ETH price towards the $1,825 and $1,875 levels. Conversely, an immediate support for Ethereum is near the $1,670 level, and a break below $1,600 could trigger a selloff towards the $1,550 level.

Overall, investors are advised to closely watch the $1,670 level for potential buying opportunities, while keeping an eye on any potential breakout or breakdown.
bitcoin and ethereum options
Apart from BTC and ETH, there are many other altcoins with high potential in the market. The Cryptonews Industry Talk team has analyzed and compiled a list of the top 15 cryptocurrencies for 2023.
The list is updated weekly with new altcoins and ICO projects, so it is recommended to check back frequently for new entries.
Disclaimer: The Industry Talks section features insights by crypto industry players and is not part of the editorial content of 0x0news.com.
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