Bitcoin Prices and Ethereum Prediction: Could Bitcoin and Ethereum Breakout for 5% Gains before the Weekend?
Bitcoin and Ethereum have experienced choppy trading over the last few days. This could be due to Asian investors being on vacation or the Chinese Lunar New Year. Many investors are wondering if BTC or ETH will see a breakout for 5% gains in the coming days, given the current market conditions.
This update will examine the factors that could cause a breakout, and make predictions about whether it is likely. We’ll also examine how these cryptocurrencies are performing in recent times and what experts have to say about their future prospects.
Top Altcoin Losers and Gainers
In the last 24 hours, Fantom (FTM), eCash(XEC) and Polygon (MATIC were the top performing coins. FTM’s value has increased more than 13.50%, to $0.46. XEC’s is up nearly 7%, to $$0.000041. MATIC gained just under 10% and traded at $1.09.
Threshold has fallen by approximately 7.50% to $0.055 in the past 24 hours. However, it is up almost 150% over the last seven days. Optimism has dropped by more than 10% to $2.15; Lido DAO has fallen by 8.85% to $2.30
The Cryptocurrency Market Fundamentals: What You Need to Know Before Investing
A brief rally in cryptocurrency prices was triggered by the US GDP numbers surpassing expectations. This rally was short-lived because of the tight labor market and speculations that the Federal Reserve might keep interest rates higher for a longer time.
The release of Personal Consumption Expenditures data (PCE) today and a slew other data releases this week is expected to create a volatile market environment that could lead to further losses in crypto assets such as Bitcoin (BTC), and Ethereum (ETH)
US Data Soars, BTC and ETH Under Pressure
The US Commerce Department reported that consumer spending rose in the fourth quarter last year, leading to a 2.9% increase in gross domestic product.
The GDP price index dropped to 3.5% and personal consumption expenditures growth slowed down to 2.1% year over year from 2.3% in quarter before. This improved the inflation data.
The Federal Reserve’s substantial interest rate hikes from the previous year have reduced demand and slowed the pace of growth towards the end 2022. This presents difficult decisions for US central banks policymakers.
Due to market expectations for a rate cut, the Federal Reserve’s overnight interest rate will likely reach 4.45% by December. This is less than the 5.1% rate Fed officials had forecast. Futures price a 94.7% chance of a 25-basis point increase next Wednesday.
Investors will therefore be watching closely the Federal Reserve decision that will impact the cryptocurrency market.
Ted Cruz Calls for Bitcoin Payments to be Accepted by Capitol Hill Vendors
Senator Ted Cruz presented a bill to the Senate Wednesday that would allow cryptocurrency payments inside the Capitol. This signaled that Republicans are still interested in legislation that governs digital assets.
The new directive is applicable to the House of Representatives or Senate and encourages them work with people who accept digital assets for payment for goods or services.
This could be good news to the whole cryptocurrency market if it is successful.
Tesla Stops Accepting Bitcoin in Elon Musk’s U Turn
TeslaMaker of electric vehicles,, decided not to sell additional Bitcoin (BTC), despite having sold 75% of its holdings in the quarter.
Tesla’s Q4 results were released on January 25th. They showed that Tesla had not sold or bought any Bitcoins in the second quarter.
This was a key factor that could help the cryptocurrency market regain its footing.
Bitcoin currently has a value of $23,004 and a daily trading volume $26 billion. Bitcoin’s last 24 hours have been quite choppy. It has fallen less than 1%. CoinMarketCap is currently ranked number one with a market value of $435 billion.
Bitcoin is currently experiencing an obstacle at the $23,250 level and its immediate support is at $22,500.
A bearish market trend will likely occur if Bitcoin’s price falls below $22,500. It could even fall to $21,500. It’s possible that we will see a more bearish trend if it continues to fall below $22,500 and reaches $20.450.
Relative Strength Index as well as Moving Average Convergence Divergence both are in overbought territory. However, recent evidence suggests that bullish market trends will continue as a bullish engulfing candle was seen.
Bitcoin’s immediate resistance is at $23,250. If it breaks above that price point, it could move as high as $23,900 or $25,150.
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Ethereum currently trades at $1,580. It has seen a 2.50% drop in trading volume over the past 24 hours. It is ranked 2nd on CoinMarketCap with a live market capitalization $193 billion.
In the span of four hours, the ETH/USD pair saw a sharp decline from $1,600. This was caused by a violation or closing below an upward channel. The $1,525 mark was the bottom of the downward trend.
ETH might encounter resistance around $1,600. It might be able to surpass this level and its price could rise to $1,675. There is also the possibility of a downward trend that starts at $1,525, and could reach $1,445 if it breaks down.
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CryptoNews Industry Talk reviewed the top 15 cryptocurrency for 2023. There are many other worthwhile projects that offer higher investment potential.
This list is updated every week with new altcoins or ICO projects.
Disclaimer: The Industry Talk section contains insights from crypto industry players, and is not part of Cryptonews.com’s editorial content.