Bitcoin (BTC) and Ethereum (ETH) both managed to remain stable at around $23,000 and $1,600 respectively. Previously, Bitcoin went on to reach a record-high of greater than $24,000 following the Federal Reserve’s decision to raise interest prices by 25 basis points.
Thereafter today, the United States January Nonfarm Payrolls are expected to be released today, which could have a major impact on the prices of Bitcoin and ETH.
The digital currency market has been strongly influenced by the past few United States Federal Reserve policy. Following the Fed announced that it would reduce interest price hikes to 25 basis points, Bitcoin (BTC) and other digital assets saw an boost in value.
On Thursday morning, Bitcoin prices reached a 6- 30 days high as it briefly broke the $24,000 threshold. As a result of this tendency, Ethereum (ETH) has witnessed a whole lot of boost and is as of now currently worth $1,641.
In addition, traders are hesitant to make any strong bids as the following Non-Farm Payrolls (NFP) data, scheduled for today, will likely influence the Bitcoin (BTC) price. These figures are critical because they will guide the Fed’s future decisions.
In addition, the strong employment growth signifies that the Fed will maintain its dovish stance in the following sessions.
Big Day for Bitcoin; United States January Nonfarm Payrolls Ahead
The United States January Nonfarm Payrolls report is due today and it can potentially be a big day for Bitcoin. This report provides insight into the health of the United States economy and could have an impact on the price of Bitcoin. The report is expected to show that the United States economy added fewer jobs in January, which would be a positive sign for Bitcoin (BTC) investors.
In addition, other economic indicators such as ISM Services PMI, and Final Services PMI will likewise be released today and could influence Bitcoin (BTC) prices.
Investors should listen up to these reports to be able to make notified decisions about their assets in cryptocurrencies.
Analysts from TD Securities have predicted a 220K boost in United States non-farm payrolls and an estimated expansion of the Unemployment Price to 3.6%.
Reports by specialists, the Average Hourly Earnings have increased to 4.9 percent yearly, while remaining unchanged at 0.3 percent on a monthly basis. This marks an increase from the previous release of 4.6%.
With demand for labor exceeding supply, job seekers have more negotiation power. This could result in higher price indices, which could counterbalance expectations for a slowdown in the Federal Reserve’s policy of tightening.
Best Insurance is Bitcoin, Reveals Cathie Wood
Reports by Cathie Wood, CEO of ARK Invest, Bitcoin (BTC) is a great investment to guard wealth and provide insurance for those around the world who are financially disadvantaged. This point of view has likely caused its value to appreciate.
Cathie Wood, a strong advocate of digital currency, is confident that Bitcoin (BTC) will hit the $1 Million mark. She thinks that digital currency provides equal opportunities for both the wealthy and those with more limited financial resources to secure their wealth.
Bearish United States Dollar & Dovish Fed’s Stance
The broad-based United States dollar failed to halt its decline and dropped even further. The dollar index dropped 1 percent to 101.08 points after the Fed’s decision on Wednesday, its weakest point since April 2022. The dollar dropped to a nine- 30 days low against a basket of currencies on Thursday, regardless of the Federal Reserve’s reaffirmation of its commitment to keep raising interest rates.
The monetary authority raised interest prices by 25 basis points (bps) to reflect recent developments in the fight against inflation. Nonetheless, Fed Chair Jerome Powell pointed out that the country’s inflation price remained high and expressed uncertainty about the number of price hikes the bank would must make to be able to alleviate pricing pressures.
Bitcoin (BTC) Price
Bitcoin (BTC) is as of now priced at $23,480 with a 24-hour volume of trading of $29 billion. It holds the top spot on CoinMarketCap and has a market cap of over $452 billion. There are 19.28 Million Bitcoin coins in circulation and a maximum supply of 21 Million coins.
On the technical front, Bitcoin (BTC) is heading lower towards an immediate support area of $23,300. If this level is broken, further selling might propel the price down to $23,000, where an upward trendline may provide support.
The RSI and MACD indicators are signaling a selling tendency, so additional selling pressure might propel the Bitcoin price toward the following support area of $22,750.
Since the 50-day exponential moving average is still suggesting a buying tendency over $23,300, we may see a positive tendency bounce-off in the BTC/USD pair. On the upside, a positive tendency breakout of the $23,950 level could expose the Bitcoin price toward the $24,500 mark.
Ethereum (ETH) Price
Ethereum‘s current trading price is $1,639 and the 24-hour volume stands at $9.1 billion. The cryptocurrency investment has seen a 1.50 percent decline in the previous day. It as of now holds a market cap of $200 Billion and is ranked Second on CoinMarketCap.
On the technical front, Ethereum (ETH) failed to break over the major resistance level of $1,710 and dropped sharply to trade at around $1,635, likely owing to investors taking profits. Ethereum (ETH) was in the overbought zone and has already completed a 50 percent Fibonacci retracement at the $1,635 level.
For now, failure to stay over this level could cause Ethereum (ETH) prices to fall to $1,615, the 61.8 percent Fibonacci retracement level.
Both the RSI and MACD indicators are as of now at levels of 54 and 0.90 respectively, suggesting that Ethereum (ETH) is no longer in an overbought state, leading to potential positive tendency dominance. Furthermore, the 50-day EMA is likewise indicating a potential uptrend in ETH’s price over the $1,620 mark.
Ethereum’s resistance levels are as of now situated at $1,650 and $1,680. If these figures are surpassed, Ethereum (ETH) could be exposed to a price of up to $1720.
Bitcoin (BTC) Alternatives
CryptoNews Industry Talk has evaluated the top 15 digital currencies for 2023. If you’re looking for a more promising financing opportunity, there are other alternatives to consider.
The number of digital currencies and new ICOs (Initial Coin Offerings) keeps increasing on a weekly basis.
Disclosure: The Industry Talk section features insights by cryptocurrency industry players and is not a part of the editorial content of Cryptonews.com.