In the last few days, Bitcoin And Ethereum Trading is choppy as Asian investors are on holiday, possibly due to the Chinese Lunar New Year. With the current market conditions, many investors are wondering if BTC and ETH can break out for 5% gains ahead of the weekend.
In this update, we’ll explore the factors that can lead to a breakout and make predictions about whether or not it’s likely to happen. We will also take a look at how these cryptocurrencies have been performing recently and what experts are saying about their future prospects.
Top Altcoin Pros and Cons
Phantom (FTM)eCash (XEC), and polygon (matic) The top performers in the last 24 hours were: The price of FTM has increased by more than 13.50% to $0.46, while the price of XEC has increased by almost 7% to $0.000041. Meanwhile, MATIC is down just under 10% to trade at $1.09.
Over the past 24 hours, Threshold (T) is down almost 7.50% to $0.055; However, it is still up almost 150% in the past seven days. Optimism (OP) is down more than 10% to around $2.15, and Lido DAO (LDO) is down almost 8.85% to $2.30.
Cryptocurrency Market Fundamentals – What You Need to Know Before Investing
There was a brief rally in the cryptocurrency price as the US GDP number exceeded expectations. However, the rally was still short-lived due to a tight labor market and speculation that the Federal Reserve could keep interest rates high for an extended period.
Going forward, the release of Personal Consumption Expenditure (PCE) data today, along with other data released this week, is expected to create a highly volatile market environment, which could lead to further losses in crypto assets such as Bitcoin (BTC). can be taken to the side. Ethereum (ETH).
US data soars; BTC and ETH under pressure
According to the US Department of Commerce, consumer spending increased in the fourth quarter of last year, resulting in a higher-than-expected 2.9% annual growth rate for GDP.
Meanwhile, the GDP price index declined to 3.5%, and personal consumption expenditure growth slowed to 2.1% from 2.3% in the previous quarter, which also improved inflation figures.
However, the Federal Reserve’s significant interest rate hike over the past year has dampened demand and slowed growth through the end of 2022, presenting difficult decisions for US central bank policymakers.
Specifically, the Federal Reserve’s overnight rate is expected to reach 4.45% by December, which is lower than the 5.1% rate Fed officials predicted for the rest of the year due to market expectations of rate cuts. Futures are pricing in a 94.7% chance of a 25 basis point hike next Wednesday.
Therefore, investors will closely monitor the upcoming Federal Reserve decision, which will have a significant impact on the cryptocurrency market.
Ted Cruz Pushes For Bitcoin Payments To Be Accepted By Capitol Hill Vendors
On Wednesday, Senator Ted Cruz introduced a bill in the Senate that would allow cryptocurrency payments inside the Capitol, indicating Republicans are interested in legislation governing digital assets.
However, the new directive applies to those in charge of running daily operations in the House of Representatives and Senate, and it encourages them to work with people who will accept digital assets as payment for goods and services .
If successful, this could be good news for the entire cryptocurrency market.
Elon Musk’s U-Turn: Tesla Stops Accepting Bitcoin
TeslaA manufacturer of electric vehicles has decided not to sell any additional bitcoin (BTC) during the second half of 2022, despite having already sold 75% of its holdings during that quarter.
On January 25, Tesla released its Q4 results, which revealed that the company had not bought or sold any of its bitcoin holdings for the second quarter in a row.
This was seen as an important factor that could help the crypto market regain its footing.
bitcoin price
Bitcoin It is currently valued at $23,004 with a 24-hour trading volume of $26 Billion. In the past 24 hours, bitcoin is down less than 1%. With a vibrant market cap of $435 billion, CoinMarketCap currently holds the top position.
Bitcoin is currently facing a hurdle at the $23,250 mark and its immediate support is fixed at $22,500.
If bitcoin price declines below $22,500, there is a likelihood of a bearish market trend and a further decline to around $21,500. If it continues to decline from there and reaches $20,450, it is possible that we could see an even more bearish trend.
Both the relative strength index and the moving average convergence divergence are in an overbought zone. Nevertheless, a bullish engulfing candle has recently been observed which may indicate that the bullish market trend will continue.
On the positive side, bitcoin has an immediate resistance at $23,250; If there is a break above this price point, it could potentially move higher towards $23,900 and $25,150.
ethereum price
Ethereum Currently trading at $1,580 and experienced a decrease of 2.50% in the last 24-hours with a total trading volume of $8.7 Billion. It ranks second in Coinmarketcap with a live market capitalization of $193 billion.
The ETH/USD pair experienced a sharp decline from the $1,600 level on the 4-hour time frame. The decline was initiated by a breach of an upward channel and a subsequent close below this price point. The downtrend eventually reached a low near the $1,525 mark.
ETH is likely to experience resistance at $1,600. If it is able to surpass this level, the price could continue higher towards $1,675. Alternatively, a downside move is likely to start below $1,525, above which it could extend towards $1,445.
bitcoin options
Cryptonews Industry Talk reviews the top 15 cryptocurrencies for 2023. If you are looking for a high potential investment opportunity, there are several other projects worth considering.
The list is updated weekly with new altcoins and ICO projects.
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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