Predictions for Bitcoin & Ethereum: Sentiment Bearish in Non-Farm Payrolls — How Low Can BTC & ETH Go
Over the last few weeks, crypto markets have been in flux. Ethereum and Bitcoin prices have experienced significant drops. This is largely due to recent price drops in Ethereum and Bitcoin. Report on US non-farm payrolls, which showed stronger-than-expected job growth. Investors are now asking how low Bitcoin or Ethereum prices can go.
This article will discuss the factors that could influence future price predictions for Bitcoin or Ethereum.
New Record: 517,000 Non-Farm Payrolls in the USA Jump by 517,000 in January
According to the US Labor Department, 517,000 non-farm employment increased in January, after accounting for seasonal changes. Economists predicted that there would be a 170,000 increase in employment. According to the consensus estimate, the hourly earnings for this month increased by 0.3% over the previous month.
The rate of earnings growth decreased from 4.8% to 4.4% in December to compare to the estimate of 4.3%. This is a decrease in earnings growth compared to the previous year.
Over the last month, the average working hour increased to 34.7 hours. This is 0.3% more than the previous period. The total weekly average hours saw a 1.2% increase to 115.6.
The US economy is improving and the dollar is rising in value relative to other currencies. Both Bitcoin and Ethereum have seen their prices drop due to this increase. This development was also influenced by the Federal Reserve’s decision to likely raise its interest rate.
Craig Wright’s Bitcoin Battle: Will The Trial Of The Century Come To Pass In 2023?
Craig Wright filed a lawsuit against Bitcoin developers in an attempt to force them to turn over crypto assets and to alter the code. According to Reuters’ February 3, report, this case will likely go to court. Craig Wright will take 15 software developers to court in order to gain access to 11,000 bitcoins valued at $2.5 billion.
Wright claims that he was unable to extract cryptocurrency without his keys due to a hack he suffered in the previous. According to reports, one of Wright’s addresses may have the Mt. funds. Gox hack, which he denied.
Wright’s case could result in the software developers being forced to make patches that allow Tulip Trading to recover all losses.
Wright has been taking the matter to UK court for several months. Although it was rejected last year, the UK Court of Appeal has ruled that developers could now be liable for blockchain owners.
Colin Birss, Judge, ruled recently that Tulip had a valid point regarding cryptocurrency being placed under the care of developers. Developers may be required to move the user’s Bitcoin to a safer location for security reasons.
James Ramsden is an attorney representing some of the developers appealing their cases. He said that his clients are concerned. This could lead to developers having to pay out of pocket and can have a ripple effect on the entire blockchain industry.
After claiming to have been Satoshi Nakamoto’s anonymous creator of Bitcoin, Craig Wright has caused cryptocurrency speculation. This controversy has sparked a lot debate in the crypto world. He has been involved in Bitcoin since its inception, but he has also used his position in many legal battles. He has won copyright cases and maintained positive results, while also losing minor defamation cases.
Bitcoin Price
Bitcoin (BTC), currently listed at $23,300, has a 24-hour trading volume in excess of $25 billion and is currently valued at $23,300. It is the market capitalization leader with a market cap of more than $449 billion and holds the top spot in CoinMarketCap. There are 19.28 Million BTC coins currently in circulation. The maximum supply is 21,000,000 coins.
Bitcoin is on the decline and its immediate support level is at $23,300. It may fall further to $23,000 if this level is not met. This could be a point of support that can be marked by a rising trendline.
According to MACD and RSI indicators, selling pressure could increase which would push the BTC price down to $22,750.
The 50-day exponential moving mean is currently showing a bullish trend of above $23,300 BTC/USD. We could soon see a rebound. It could rise to $24,500 if the price breaks above $23,950.
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Ethereum Price
The current Ethereum trading price is $1650, and the 24-hour volume is $7.6 billion. In the last 24 hours, Ethereum has experienced a 0.50% increase in trading volume. It is currently ranked 2nd on CoinMarketCap with a market capitalization at $202 billion.
After failing to cross the $1,700 resistance threshold, Ethereum’s value fell significantly. This was likely due to investors taking profits in an Ethereum that was already in a over-bought situation and had already reached a Fibonacci retracement of 50% at $1,635.
If ETH prices do not remain at the current level, they could fall to $1,615, which corresponds to the 61.8% Fibonacci retracement point.
Relative Strength Index and Moving Average Convergence Divergence indicators (MACD) of Ethereum both fell to 56 and 0.40, respectively, indicating that ETH might not be in an overbought condition. The 50-day Exponential moving average also indicates a possible bullish uptrend, with prices rising above $1,620.
Ethereum currently faces resistance levels of $1,650 to $1,680. Ethereum could see a price increase of up to $1720 if these resistance levels are broken.
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Alternatives to Bitcoin
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.
On a weekly basis, the number of cryptocurrencies is increasing and so are new ICOs (Initial coin Offerings).
Disclaimer: The Industry Talk section contains insights from crypto industry players, and is not part of Cryptonews.com’s editorial content.