Bitcoin Prices and Ethereum Prediction: Is the BTC Price Above $22,700 Enough to Trigger a Bull Run?

Bitcoin Prices and Ethereum Prediction: Is the BTC Price Above $22,700 Enough to Trigger a Bull Run?

Bitcoin (BTC), which fell below $23,000 on Tuesday morning ahead of the US Federal Reserve meeting regarding interest rates in 2023 that is scheduled to take place Wednesday, was a result.

Bitcoin fell to $22,800, a drop of 3% from its peak price of $24,000 over weekend. Ethereum (ETH), which has fallen 4.34 percent over the last 24 hours, is currently traded at $1.568.30

Bearish Cryptocurrency Market

It could also be due to poor crypto market sentiment that has experienced some losses but has not been able to maintain its positive attitude.

The crypto market will be affected by the Federal Reserve’s internet rate hike and the earnings of major tech companies. The earnings from major tech companies will be closely watched by the market in the coming days.

Investors are worried because the US Federal Reserve meeting will likely discuss another rate increase. The cryptocurrency market is already suffering, with Ethereum dropping more than 4 percent and Bitcoin falling more than 3 percent in the past day.

Bitcoin miners experience revenue growth

Bitcoin (BTC), which is showing signs of a modest bull market, indicates that the community’s efforts are paying off. In the first month of 2023, the income of the mining community was nearly doubled by transaction fees and mining incentives. This was believed to be the key factor that would help BTC reduce its losses.

Bitcoin mining revenue reached $13.6 Million for the first time since Oct 2020 on December 28, 2022. Due to this, some mining companies were forced to close due to severe financial stress. Geopolitical unrest also caused energy prices to rise.

The graph below shows that the revenue from cryptocurrency mining increased by 50%. The reason for this increase was that Bitcoin remained in a good position for long-term recovery. Bitcoin mining revenue increased by $15.3 million from January 1st to $23 million in a month.

Nonfungible Token protocol on Bitcoin

There is a split in the cryptocurrency community over whether the newly adopted nonfungible token protocol (NFT), on the Bitcoin mainnet will be beneficial to the entire Bitcoin ecosystem. The Ordinals protocol was created by Casey Rodarmor (a software developer).

He has also been responsible for officially launching the program via the Bitcoin mainnet, having written a blog post January 21.

However, the implementation of the protocol has caused controversy within the Bitcoin community. Some argue it expands Bitcoin’s financial capabilities, while others claim it distances it from Satoshi Nakamoto‚Äôs original vision of the cryptocurrency as a peer-to-peer, decentralized cash system.

Bitcoin Price

The current Bitcoin price is currently at $0.01

As of today, the Bitcoin price is at $22,887 with a daily trading volume of $26 billion. It ranks first on CoinMarketCap with a market cap in excess of $456 billion.

BTC/USD has experienced a turbulent 24 hours. It started at $23,746 and fell by 0.92% to $23,238. It fluctuated between $23,784 highs and $23,110 lows over the past day. It has experienced a more than 2% increase in overall value over the week despite this decline.

In the last four hours, the BTC/USD pair has remained stuck at $23,500 resistance and is unable to break out. It is currently trying to regain its footing at $22,700 support.

Bitcoin could fall to $22,600 or $22,350 if the 4-hour moving average of $22,700, which is the 50-day moving mean for Bitcoin, is not exceeded. If closing candles are able to hold above this resistance, then the BTC/USD market may see a reversal in the bearish trend.

Positions with higher prices than $22,700 can yield good returns, with targets of $23,550 and $24,000. If the support level of $22,700 is broken, it may be worth considering selling your positions.

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Ethereum Price

Ethereum trades at $1,570, with a 0.10% increase in price over the last 24 hours and a $9.2 billion trading volume. It is currently second on CoinMarketCap, with a market capitalization $193 billion.

Technically, Ethereum is likely to see a bullish reversal if it hits $1,500 at the double-bottom support level. The ETH/USD pair could face immediate resistance at $1600. Breaking above this level could see ETH move towards the $1625 level.

The selling trend could be extended to the $1,500 level if the support level at $1540 is broken.

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Bitcoin Alternatives

CryptoNews Industry Talk has rated the top 15 cryptocurrency for 2023. There are many other options if you are looking for an investment opportunity that is more promising.

Each week, we add new altcoins to the list.

Check out the 15 Cryptocurrencies

Disclaimer: The Industry Talk section contains insights from crypto industry players, and is not part of Cryptonews.com’s editorial content.

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By David Warsh

David Warsh is a leading expert in the field of cryptocurrency and blockchain technology. With over a decade of experience in the industry, he has a deep understanding of the intricacies of digital currencies and the potential they hold for revolutionizing various industries.