As we begin an important week for the cryptocurrency market, both Bitcoin And Ethereum Prices are in the spotlight, with the US nonfarm payrolls report serving as a key focus for investors.
The potential impact of this economic data release could affect the trajectory of major cryptocurrencies, as market participants closely monitor the unfolding events.
crypto fundamentals outlook
The world’s largest cryptocurrency Bitcoin along with Ethereum has been unable to sustain its upward rally and has lost some value, falling below the $28k and $1,800 levels. Investors are eagerly awaiting the release of two key economic indicators – employment and productivity data in the United States, which are due to be released soon.
As a result, these indicators, along with other macroeconomic factors such as inflation, banking turmoil, and regulatory developments, are likely to influence BTC price in the coming days.
On the other hand, Ethereum developers are eagerly awaiting the upcoming Shanghai upgrade on April 12, as it is a significant milestone in Ethereum’s development.
The upgrade marks a complete transition to Ethereum’s Proof of Stake (PoS) consensus mechanism with the aim of increasing network security, efficiency and scalability. This development is expected to help ETH gain substantial price traction.
Risk-off mood in the crypto market
The global cryptocurrency market has experienced a strong performance over the past few weeks, with one contributing factor being the growing investor confidence in bitcoin.
They are beginning to see BTC as a secure alternative to traditional banking methods. This sentiment is mainly driven by the collapse of several banks including Silicon Valley BankSilvergate Capital and Signature Bank.
However, the recent surge in the global market appears to be losing momentum as it has fallen to $1.16 trillion at the time of writing, representing a loss of 2.30% over the past 24 hours.
Bitcoin (BTC) and Ethereum (ETH), two of the world’s most popular cryptocurrencies, could not maintain their previous gains and fell to the $27,000 and $1,700 levels, respectively, early Monday.
Additionally, other major cryptocurrencies, such as Dogecoin (DOGE), Ripple (XRP), Solana (SOL), and Litecoin (LTC), experienced significant losses on the day.
BTC Price Rally Loses Steam As Investors Anticipate US Economic Indicators
The upside in bitcoin price seems to have waned as traders are cautious in placing large bids. This is likely due to the upcoming release of employment and productivity data on two important economic indicators in the United States.
While investors await these figures, they will likely monitor other macroeconomic concerns that could affect the bitcoin market, such as inflation, financial turmoil, and regulatory changes. These factors can generate significant fluctuations in the value of BTC and other cryptocurrencies.
bitcoin price
the current bitcoin price stands at $27,679 with a 24-hour trading volume of $13.5 billion. Bitcoin is down by 2.79% in the last 24 hours.
on monday the BTC/USD The pair is trading within a neutral range, maintaining a range-bound window between $27,600 and $28,900. Investors are looking for a strong fundamental catalyst to break out of this specific trading range.
On the upside, a break above $28,250 could propel BTC towards the next immediate resistance at $28,900. Conversely, an immediate support for BTC can be found at the $27,600 mark.
Major technical indicators such as RSI and MACD have declined below their middle levels (50 and 0 respectively), indicating a selloff among investors.
Therefore, a break out of the $27,600 to $28,900 trading range will guide further price action.
ethereum price
The current price of Ethereum is $1,778, with a 24-hour trading volume of $6.5B. Ethereum is down almost 2% in the last 24 hours. The ETH/USD pair continued to trade within a broad range, fluctuating between the $1,750 and $1,850 levels.
Ethereum It is currently struggling to break the $1,850 resistance and is continuously trading near the $1,750 support.
If the ETH/USD pair manages to overcome the $1,850 mark, it is expected to face resistance at the $1,940 level. Support for the ETH/USD pair is estimated at $1,700 or $1,620.
Top 15 Cryptocurrencies to Watch in 2023
Stay up to date with the latest ICO projects and altcoins by regularly checking out our carefully selected list of the 15 most promising cryptocurrencies to keep an eye on in 2023.
This list has been compiled by experts from Industry Talk and Cryptonews, so you can be sure that it includes only the best and most promising cryptocurrencies in the market.
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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