Tuesday morning Bitcoin (BTC) fell below the $23,000 mark ahead of the first US Federal Reserve meeting on interest rates since 2023, which is set to take place on Wednesday.
Bitcoin fell to $22,800, down 3% from its high of $24,000 over the weekend. Ethereum (ETH) has also declined by 4.34 percent in the last 24 hours and is now trading at $1,568.30.
bearish cryptocurrency market
On the other hand, the reason for its bearish rally can be attributed to the poor sentiment of the crypto market, which has suffered some losses and has been unable to maintain its positive outlook.
Going forward, the upcoming Federal Reserve interest rate hike and earnings of major tech companies will have a significant impact on the crypto market. In the coming days, the market will keep an eye on the earnings of big technology companies.
Investors are worried as another rate hike is expected to be discussed at the US Federal Reserve meeting. The results are visible in the cryptocurrency market, where Ethereum is down over 4% and Bitcoin is down over 3% over the past day.
Revenue growth for bitcoin miners
Bitcoin (BTC) is starting to show minor bullish signs, indicating that its efforts are bearing fruit. Mining incentives and transaction fees increase the income of the mining community by almost 50% in the first month of 2023. This was considered as one of the most important factors that could help BTC limit its losses.
On December 28, 2022, bitcoin mining revenue reached $13.6 million for the first time since October 2020. As a result, mining companies faced severe financial stress, causing some of them to shut down. Energy prices were also on the rise as a result of geopolitical unrest.
According to the graph below, there has been a 50% increase in revenue in the cryptocurrency mining industry. The rise comes as bitcoin remains well-positioned for a long-term recovery. Bitcoin mining revenue soared from $15.3 million on January 1st to almost $23 million in just one month.
non-fungible token protocol on bitcoin
The cryptocurrency community is divided on whether the recently adopted non-fungible token (NFT) protocol on the bitcoin mainnet will benefit the entire bitcoin ecosystem. Software developer Casey Rodarmore created the Ordinals protocol.
He is also in charge of formally launching the program on the bitcoin mainnet, after writing a blog post on January 21st.
On the other hand, the implementation of the protocol has sparked debate within the bitcoin community. While some argue that this broadens bitcoin’s financial applications, others argue that it moves the cryptocurrency away from Satoshi Nakamoto’s original vision as a decentralized peer-to-peer cash system.
bitcoin price
to date, current Bitcoin
the current Bitcoin Today’s price is around $22,887, with a 24-hour trading volume of around $26 billion. It has a market cap of $456 billion and ranks first in Coinmarketcap.
BTC/USD had a volatile 24-hour session that started at $23,746 and declined by 0.92% to its current price of $23,238. In the past day, it ranged between a high of $23,784 and a low of $23,110. Despite this reduction in value on the previous day, it has seen an increase of over 2% over the past week.
The BTC/USD pair is stuck in the $23,500 resistance area on the 4-hour time frame, which it has been unable to break above. Currently, it is trying to reclaim its position near the $22,700 support.
If the 50-day moving average on the 4-hour time frame fails to break above $22,700, bitcoin could decline further to $22,600 or $22,350. But if the closing candles manage to stay above this resistance, the BTC/USD market could see a reversal to the bearish trend.
Investing in positions above $22,700 can potentially generate good returns with a target set at $23,550 or $24,000. On the downside, if the $22,700 support is broken, a sell position can be considered.
ethereum price
This time, Ethereum It is trading at $1,570 with a gain of less than 0.10% in the last 24-hours and a trading volume of $9.2 billion. It is currently ranked second on Coinmarketcap with a market capitalization of $193 billion.
On the technical front, the double bottom support at $1,500 is likely to stage a bullish reversal in Ethereum. On the upside, the ETH/USD pair may find an immediate resistance at $1,600; A break above this could propel ETH towards the $1,625 level.
On the downside, a break of the $1,540 support could extend the selling trend towards the $1,500 level.
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.
Every week, new altcoins and ICO projects are added to the list.
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