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Will BTC Surge Above $30K as US Nonfarm Payrolls Awaited?
Will BTC Surge Above $30K as US Nonfarm Payrolls Awaited?
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Bitcoin enthusiasts are eagerly anticipating the release of the US nonfarm payrolls data, which may provide clues on the future direction of the cryptocurrency.
With Bitcoin currently hovering below the $30K mark, market participants are speculating whether the upcoming data could trigger a surge that pushes BTC above the crucial $30K threshold.
In this Bitcoin price prediction, we’ll delve into the factors that may influence BTC’s movement as the market awaits the nonfarm payrolls report.
Bitcoin Nears $30K Mark Amid Rising Market Concerns Over Banking Issues
The price of Bitcoin and other popular cryptocurrencies has increased in the past 24 hours, with BTC soaring by +1.40% and nearing the $30,000 milestone.
Reports suggest that this uptick comes amid rising market tension, fueled by concerns surrounding banks. PacWest Bancorp has been under scrutiny, thanks to broader worries about regional banks in the US, particularly following the recent collapse of three similar institutions in California.
Crypto enthusiasts argue that this decline in confidence for traditional fiat currencies might play a part in Bitcoin’s growing appeal.
The latest shift in BTC’s price occurred right after market rumors swirled, hinting that another US bank failure might be imminent.
Matrixport, a cryptocurrency services firm, predicts that Bitcoin could see a 20% surge, reaching $36,000, if Thursday’s interest rate hike signals the end of the current cycle.
Bitcoin spent most of Thursday quietly hovering around $29,000, where it has remained for the majority of the past ten days.
Investors were focusing on interest rate hikes by the US and European central banks and the latest failures in an escalating banking crisis.
NFP Impact on BTC: US Economy’s Slower Job Growth and Its Effect on Bitcoin
In April 2023, the US economy is predicted to add 180,000 jobs, marking the smallest increase since December 2020, and down from 236,000 in March.
Despite this, April’s figures remain well above the monthly job gain of 70,000-100,000 required to match the growth of the working-age population.
Most job creation is expected in the services sector, particularly in leisure and hospitality, while a decrease in manufacturing jobs is anticipated.
The unemployment rate is projected to rise slightly to 3.6% from 3.5%, still close to its lowest point in five decades.
Wage growth is estimated at 0.3%, consistent with March, and annual pay growth is expected to remain stable at 4.2%.
Bitcoin Revenue for Block Increased 18% in Q1 Over Q4
According to Block (SQ), a fintech startup, its Cash App segment generated $2.16 billion in Bitcoin sales for the first quarter, up 25% from Q1 2022 and up 18% from $1.83 billion in Q4 of last year.
The total amount of Bitcoin sold to customers is what Block counts as revenue.
In the first quarter, Cash App made $50 million in Bitcoin gross profit, up 43% from the previous quarter and up 16% year over year.
The company’s gross profit was $770 million in Q1, up 16% from the previous year.
The company’s interest in Bitcoin did not experience an impairment loss in the first quarter due to a surge in the price of the digital currency.
Block recorded an impairment charge of $9 million for its Bitcoin investment in the fourth quarter and an impairment charge of $47 million for the entire 2022 fiscal year.
Overall, the business reported $5 billion in Q1 sales, which was $390 million more than expected.
Non-GAAP earnings per share of 40 cents also surpassed forecasts by 6 cents. Such positive developments helped BTC maintain its bullish momentum.
Bitcoin Price
BTC/USD is trading at 29,274, increasing by 0.25% on Friday. Amid the banking crisis, Bitcoin is inching closer to the $30,000 level.
The recent increase in prices is due to current market tensions stemming from bank concerns.
On the four-hour chart, Bitcoin maintains its position above the 50-day exponential moving average, currently acting as a crucial support level around $28,700.
This level has previously served as a significant resistance for BTC during this week. Nonetheless, the closing of candles above $28,700 increases the chances of a bullish rebound in BTC.
Bitcoin might find immediate support close to the 27,600 level, indicated by a trendline on the 4-hour chart.
If the price breaches this critical 27,600 level, BTC could be on its way to the next support level at 27,200.
Bitcoin Price Chart – Source: Tradingview
Alternatively, if BTC manages to break above the $29,600 mark, we may see its price heading north towards $30,400.
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Top 15 Cryptocurrencies to Watch in 2023
The market is filled with a variety of promising cryptocurrencies, including emerging altcoins and presale tokens that offer the potential for substantial returns.
Consequently, the Cryptonews Industry Talk team has compiled a list of the top 15 cryptocurrencies for 2023, with each showcasing impressive growth potential in the short and long term.
Disclaimer: The Industry Talk section features insights by crypto industry players and is not a part of the editorial content of Cryptonews.com.
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BTC Remains Below $28,250 Amid Strong US Nonfarm Payroll Report
BTC Remains Below $28,250 Amid Strong US Nonfarm Payroll Report
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Bitcoin (BTC), the world’s largest cryptocurrency, failed to prolong its upward rally and dropped below $28,000 on Friday. Bitcoin had been on a positive trend, reaching a high of $29,000 earlier in the week. Although, it was short-term gains as it dropped below $28,000 today, signaling a bearish sentiment in the market.
However, Bitcoin continues to struggle to break through the $28,250 resistance level, while Ethereum is showing signs of consolidation.
Crypto Market Fundamentals
The reason for its upward rally could be attributed to the bullish US dollar, which rose lately after the release of strong US job growth data, increasing the probability of a potential interest rate hike by the Federal Reserve in May.
This news will likely cause investors to shift away from cryptocurrencies like Bitcoin, which may lose value due to a stronger dollar.
Besides, if the interest rate hike does occur, it may lead to increased borrowing costs and reduced economic growth, which could further impact the value of Bitcoin and other cryptocurrencies.
Impact of US Job Report on Crypto
The US economy is performing well, with low unemployment rates and increasing wages. As a result, the Federal Reserve is likely to raise interest rates next month, which could negatively impact the price of Bitcoin.
Higher interest rates can make borrowing money to invest in Bitcoin more difficult and expensive, leading to decreased demand for Bitcoin and a potential decrease in its price.
However, the latest US job report has shown historically low unemployment rates, rising wages, and consistent job growth. In March, the US economy added 236,000 jobs, with an average gain of 345,000 jobs per month in the first quarter. This figure is significantly higher than the central bank’s target to maintain its 2% inflation goal.
US Unemployment Rate Weighs on BTC Prices
Moreover, the unemployment rate decreased from 3.6% in February to 3.5% in March, with a slight increase in the labor force by about half a million people, and an increase in the participation rate. In addition, average hourly wages increased by 0.3% in March, slightly faster than the previous month.
These statistics suggest that the US job market remains relatively strong despite the recent economic slowdown. These figures are critical as they give the Federal Reserve an idea of the current economic situation, which may impact its decisions on interest rates and other monetary policies.
Blockchain Investment Activity Drops Significantly in March
The cryptocurrency market has been on the rise over the past month, leading many to believe that the bear market was over due to Bitcoin’s bullish trajectory. However, there are concerns that US regulations may make cryptocurrencies more challenging to use.
The impact of these regulatory concerns and the risk of a stagflationary economy is reflected in the decline of investments in the crypto industry during March. This means that fewer deals and less money were made available, which is not good news for investors seeking stability.
Bitcoin Price
The present Bitcoin value stands at $27,900, with a 24-hour trading volume of $10.8 billion. Over the past 24 hours, Bitcoin has experienced a decline of 0.74%. With a live market cap of $539 billion, Bitcoin is currently leading the market.
Technical analysis suggests that the BTC/USD pair is displaying a bearish bias, although it may face resistance at the $28,250 level.
Bitcoin Price Chart – Source: Tradingview
In the event that Bitcoin manages to surpass the resistance level of $28,250, there is a possibility that its value may increase to $28,900 or even $29,250.
On the other hand, if a bearish trend emerges, there is expected to be significant support at levels around $26,500 and $25,500.
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Ethereum Price
Ethereum is presently valued at $1,870, with a 24-hour market volume of $9 billion. On Saturday, the ETH/USD pair has gained immediate support at the $1,850 level. If candles close above this level, there is potential for a bullish bounce-off up to the $1,920 or $1,945 levels.
Ethereum Price Chart – Source: Tradingview
Conversely, if there is a bearish break below the $1,850 level, the ETH price may decline towards $1,800 or even the double bottom support area of $1,770. Overall, Ethereum’s trading bias appears bullish, given the formation of an upward channel on the 4-hour timeframe.
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Top 15 Cryptocurrencies to Watch in 2023
Keep yourself informed about the latest ICO projects and altcoins by frequently referring to the handpicked selection of the 15 most promising cryptocurrencies to monitor in 2023, which has been suggested by the specialists at Industry Talk and Cryptonews.
Disclaimer: The Industry Talk section features insights by crypto industry players and is not a part of the editorial content of Cryptonews.com.
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Cryptocurrency Price Tracker – Source: Cryptonews
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Crucial Week Ahead, with US Nonfarm Payroll Taking Center Stage
Crucial Week Ahead, with US Nonfarm Payroll Taking Center Stage
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As we embark on a pivotal week for the cryptocurrency market, both Bitcoin and Ethereum prices are in the spotlight, with the US Nonfarm Payroll report serving as a key focus for investors.
The potential impact of this economic data release could influence the trajectory of the leading cryptocurrencies, as market participants closely monitor the unfolding events.
Crypto Fundamental Outlook
Bitcoin, the world’s largest cryptocurrency, along with Ethereum, has been unable to sustain its upward rally and has lost some of its value, falling below $28k and $1,800 levels. Investors eagerly await the release of two significant economic indicators in the United States – employment and productivity data, which are scheduled to be released soon.
As a result, these indicators, in conjunction with other macroeconomic factors such as inflation, banking turmoil, and regulatory developments, are likely to impact BTC prices in the coming days.
On the other hand, Ethereum developers eagerly anticipate the upcoming Shanghai upgrade on April 12, as it marks a crucial milestone in Ethereum’s development.
The upgrade signifies Ethereum’s full transition to the Proof of Stake (PoS) consensus mechanism, aimed at enhancing network security, efficiency, and scalability. This advancement is expected to help ETH gain substantial price traction.
Risk-Off Mood In Crypto Market
The global cryptocurrency market has experienced a strong performance over the past few weeks, with one contributing factor being investors’ growing confidence in Bitcoin.
They are beginning to perceive BTC as a safe alternative to traditional banking methods. This sentiment is primarily driven by the collapse of several banks, including Silicon Valley Bank, Silvergate 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 2.30% loss over the past 24 hours.
Bitcoin (BTC) and Ethereum (ETH), two of the world’s most popular cryptocurrencies, could not sustain their previous gains and dropped to around 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
Bitcoin’s price surge seems to have decelerated as traders exercise caution in placing substantial bids. This is likely due to the upcoming release of two crucial economic indicators in the United States, employment and productivity data.
While investors await these figures, they will probably monitor other macroeconomic concerns that could impact the Bitcoin market, such as inflation, financial turmoil, and regulatory shifts. These factors will likely 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. Over the past 24 hours, Bitcoin has experienced a decline of 2.79%.
On Monday, the BTC/USD pair is trading within a neutral range, maintaining a limited 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 breakout above $28,250 could propel BTC towards its next immediate resistance level of $28,900. Conversely, BTC’s immediate support can be found at the $27,600 mark.
Bitcoin Price Chart – Source: Tradingview
Key technical indicators, such as RSI and MACD, have dipped below their middle levels (50 and 0, respectively), suggesting a selling bias among investors.
Hence, the breakout from the $27,600 to $28,900 trading range will dictate further price action.
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Ethereum Price
Ethereum’s current price is $1,778, with a 24-hour trading volume of $6.5 billion. Ethereum has decreased nearly 2% in the last 24 hours. The ETH/USD pair continues to trade within a broad range, fluctuating between the $1,750 and $1,850 levels.
Ethereum is currently struggling to break through the resistance level of $1,850 and has consistently traded near the support level of $1,750.
Ethereum Price Chart – Source: Tradingview
If the ETH/USD pair manages to surpass the $1,850 mark, it is expected to face hurdles at the $1,940 level. Support levels for the ETH/USD pair are anticipated at either $1,700 or $1,620.
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Top 15 Cryptocurrencies to Watch in 2023
Stay up-to-date with the latest ICO projects and altcoins by regularly checking the carefully selected list of the 15 most promising cryptocurrencies to keep an eye on in 2023.
This list has been curated by experts at Industry Talk and Cryptonews, so you can trust that it includes only the best and most promising cryptocurrencies in the market.
Disclaimer: The Industry Talk section features insights by crypto industry players and is not a part of the editorial content of Cryptonews.com.
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Cryptocurrency Price Tracker – Source: Cryptonews
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Non-Farm Payrolls Turn Sentiment Bearish — How Low Can BTC & ETH Go?
Non-Farm Payrolls Turn Sentiment Bearish — How Low Can BTC & ETH Go?
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The crypto markets have been in a state of flux over the past few weeks, with Bitcoin and Ethereum prices both experiencing significant drops. This has been largely attributed to the recent US non-farm payrolls report, which showed stronger-than-expected job growth. As a result, sentiment in the markets has shifted to bearish and investors are now wondering how low Bitcoin and Ethereum prices could go.
In this article, we will take a look at some of the current price predictions for Bitcoin and Ethereum and discuss what factors might influence their future performance.
Record Breaking US Non-Farm Payrolls Jump By 517,000 In January
The US Labor Department recently reported that, after taking into account seasonal changes, there was an increase of 517,000 non-farm jobs in the month of January. According to economists’ predictions, there was expected to be an increase in employment of 170,000. The hourly earnings for the month rose by 0.3% from the preceding month, in accordance with the consensus estimate.
The rate of earnings growth slowed from 4.8% in December to 4.4% in January, compared to the estimated figure of 4.3%. This marks a decrease from the prior year’s numbers.
The average working hours rose to 34.7 over the course of last month, which is an increase of 0.3% compared to the previous period. Meanwhile, the total weekly aggregate hours witnessed a significant 1.2% jump, settling at 115.6.
As the US economic position is improving, the American dollar is strengthening in relation to other global currencies. This increase has affected both Bitcoin and Ethereum prices, causing them to dip lower. The Federal Reserve’s decision on a likely rate hike has also contributed to this development.
Craig Wright’s Bitcoin Battle: Will The Trial Of The Century Unfold In 2023
Craig Wright has filed a lawsuit against Bitcoin developers to get them to hand over the crypto assets and alter the code. This case is likely to head to court, according to Reuters’ February 3 report. Craig Wright is taking 15 software developers to court to get access to 111,000 bitcoins worth about $2.5 billion.
As per Wright’s claims, the hack he suffered in the past caused him to be unable to extract cryptocurrency from certain addresses without those keys. Reports have suggested that one of the addresses connected to Craig Wright may hold the missing funds from the Mt. Gox hack, which he denied.
If Wright wins his case, the software developers could be compelled to create patches that help Tulip Trading regain all the losses they incurred.
Wright has been taking this matter to court in the UK for a few months. It was thrown out last year, but the UK’s Court of Appeal has decided today that developers may now have duties toward blockchain owners.
Judge Colin Birss recently ruled that Tulip has a valid point about cryptocurrency being placed in the care of developers, who may be mandated to move the user’s Bitcoin to a safer place for security purposes.
James Ramsden, an attorney for some of the developers who are appealing their case, said his clients are worried. Not only could this mean paying money out of pocket, but it also has a potential ripple effect throughout the blockchain industry.
Craig Wright has sparked cryptocurrency speculation after claiming to be Satoshi Nakamoto, Bitcoin’s anonymous creator. This has caused a lot of debate and controversy within the crypto space. Despite his early involvement in Bitcoin, he has used his position in several legal battles. His accomplishments include winning copyright cases, along with maintaining positive results and minor defeats in defamation instances.
Bitcoin Price
Bitcoin (BTC) is currently priced at $23,300 with a 24-hour trading volume of $25 billion. It holds the top spot on CoinMarketCap and has a market capitalization of over $449 billion. There are 19.28 million BTC coins in circulation and a maximum supply of 21 million coins.
Bitcoin is trending downward and its immediate support area sits at $23,300. If this level is breached, it may see further losses to $23,000 – a potential point of support marked by a rising trendline.
According to the RSI and MACD indicators, selling pressure may increase and consequently push the BTC price downward to reach $22,750 as its next support area.
Bitcoin Price Chart – Source: Tradingview
Currently, the 50-day exponential moving average is displaying a bullish trend above $23,300 for BTC/USD so we could see a rebound soon. If the price breaks out of $23,950 on the upside, it might go up toward $24,500.
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Ethereum Price
Ethereum‘s current trading price is $1,650 and the 24-hour volume stands at $7.6 billion. The crypto asset has seen a 0.50% surge in the last 24 hours. It currently holds a market capitalization of $202 billion and is ranked 2nd on CoinMarketCap.
Ethereum’s value dropped significantly after failing to surpass the $1,700 resistance level. The sudden fall was presumably because investors opted to take profits while Ethereum was in an overly-bought position and had already achieved a 50% Fibonacci retracement at $1,635.
If ETH prices fail to remain above the current level, it is possible for them to drop to $1,615, which is the 61.8% Fibonacci retracement level.
Ethereum Price Chart – Source: Tradingview
The Relative Strength Index (RSI) and Moving Average Convergence Divergence (MACD) indicators of Ethereum have both dropped to 56 and 0.40 respectively, indicating that ETH may no longer be in an overbought state. The 50-day Exponential Moving Average also suggests a potential bullish uptrend with prices going above the $1,620 mark.
Ethereum is presently dealing with resistance levels at around $1,650 and $1,680. If these figures are successfully broken through, Ethereum might see an increase in its price up to a maximum of $1720.
Buy ETH Now
Bitcoin and Ethereum Alternatives
CryptoNews Industry Talk has evaluated the top 15 cryptocurrencies for 2023. If you’re looking for a more promising investment opportunity, there are other alternatives to consider.
The number of cryptocurrencies and new ICOs (Initial Coin Offerings) keeps increasing on a weekly basis.
Disclaimer: The Industry Talk section features insights by crypto industry players and is not a part of the editorial content of Cryptonews.com.
Find The Best Price to Buy/Sell Cryptocurrency
Cryptocurrency Price Tracker – Source: Cryptonews
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