Bitcoin And Ethereum Despite experiencing significant volatility over the past few weeks, prices have remained stable. Bitcoin is holding a narrow range between $22,350 and $23,350, while Ethereum is trading bullish within a tight range of $1,550 to $1,630.
As we enter the weekend, many investors are wondering whether it might be time for a breakout.
The answer to this question lies in the analysis of the prices of Bitcoin and Ethereum in the recent past. By looking at the historical trends of these two major cryptocurrencies, investors can get an idea of whether BTC and ETH could break out of their current ranges later this week.
Furthermore, by understanding the underlying factors affecting Bitcoin and Ethereum prices, investors can make informed decisions regarding their investments.
Cryptocurrency Market Overview: Basics of an Upcoming Boom
The crypto bullish rally was sparked by the previously released Personal Consumption Expenditure (PCE) report, which showed a slowdown in inflation at the end of last year.
As a result, traders expect the FOMC to increase interest rates by 25 basis points (or 0.25 percentage points) at its February meeting. If the Fed maintains its accommodative stance, bitcoin (BTC-USD) could suffer losses.
On the other hand, the recent US inflation print served as a confirmation signal for investors to buy bitcoin and other cryptocurrencies.
Furthermore, the rising institutional investors in the United States were responsible for the rising bitcoin price.
New York introduces unprecedented law to allow crypto payments
Since the beginning of 2023, there have been several developments in the cryptocurrency space that are helping to support and drive the crypto market. On January 26, the New York State Senate introduced a bill allowing government establishments to accept cryptocurrencies as official payment.
This could help further legitimize the use of digital currencies in mainstream commerce.
If New York Assembly Bill 2532 is passed and becomes law, cryptocurrencies would be accepted as payment under certain conditions, which would benefit the crypto sector in the long run. It should also be noted that the bill does not support the commercial use of cryptocurrencies.
Alternatively, existing legislation would be amended to allow state agencies to use cryptocurrencies.
However, the bill specifies Bitcoin Cash, Ethereum, Litecoin, and Bitcoin as acceptable currencies. The bill was authored by Assemblyman Clyde Vennell, who has also proposed legislation on cryptocurrency fraud and the formation of industry task forces.
Wendy Rogers introduces bill to make bitcoin legal tender in the US
Arizona Senator Wendy Rogers is making a mark in the US Senate by introducing several bills on cryptocurrencies. His work is driving many cryptocurrency-related changes and making a positive impact on the state of Arizona.
It is important to recognize the efforts of Senator Wendy Rogers who has been actively involved in the issuance of bitcoin banknotes. Rogers cited a Goldman Sachs study that found bitcoin to be the most profitable asset in the world, regardless of geographic region. This data indicates that bitcoin has emerged as a top performer globally.
The United States is considering the potential to officially recognize Bitcoin (BTC) as legal tender. If this proposal is successful, it will open up new opportunities for the cryptocurrency and could lead to an exponential jump in its value.
Higher US Dollar Could Cap Price in BTC
The broad-based US dollar shone in the green and rose from an eight-month low as expectations of a Federal Reserve-engineered economic soft landing and a pause in its aggressive monetary tightening next week rose in response to slowing inflation data. has gone.
According to a report from the Commerce Department, consumer spending in the United States declined for two consecutive months in December.
The report also showed the smallest rise in personal income in eight months, largely due to moderate wage growth – though not necessarily a positive sign for inflation.
bitcoin price
Bitcoin It is currently valued at $23,004 with a 24-hour trading volume of $22 Billion. Over the past 24 hours, bitcoin has been choppy, down less than 0.50%. With a vibrant market cap of $435 billion, CoinMarketCap currently holds the top position.
Bitcoin is currently facing resistance near the $23,250 level, with the immediate support holding steady at $22,500. If bitcoin price declines below $22,500, there is a likelihood of a bearish market trend, and it could decline further to $21,500. If it continues to decline from there and reaches $20,450, we could see an even more bearish trend.
Relative strength index and moving average convergence divergence are both overbought. However, a bullish engulfing candle was recently observed, suggesting that the market will continue with the bullish trend.
Bitcoin’s immediate resistance lies at $23,250; If there is a break above this price point, it is likely to move higher towards $23,900 and $25,150.
ethereum price
Ethereum Currently trading at $1,595 and experienced a decrease of 1.5% in the last 24-hours with a total trading volume of $6 Billion. It ranks second in Coinmarketcap with a live market capitalization of $195 billion.
On the 4-hour time frame, the ETH/USD pair declined sharply from the $1,600 level. The decline was caused by a break in an upward channel and a subsequent close below this price point. The downtrend eventually reached a low of $1,525 per share.
At $1,600, Ethereum may face resistance. If it can overcome this resistance, the price could continue higher towards $1,675. Alternatively, a bearish trendline is likely to start from $1,525 and extend towards $1,445 if there is an upside break.
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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