As we begin a pivotal week for the cryptocurrency marketBitcoin and Ethereum prices are in the spotlight, and the US Non-Farm Payrolls Report serves as a focus for investors.
The potential impact of this release of economic data could influence the trajectory of major cryptocurrenciesas market participants keep a close eye on unfolding events.
Fundamental Crypto Market Outlook
Bitcoin, the world’s largest cryptocurrency, along with Ethereum, were unable to sustain their rise and have lost some of their value, falling below the $28,000 and $1,800 levels respectively. Investors eagerly await the release of two essential economic indicators in the United States : employment and productivity data, which should be published soon.
As a result, these indicators, together with other macro factors such as inflation, banking turmoil, and regulatory developments, are expected to impact BTC prices in the coming days.
On the other hand, Ethereum developers eagerly await next so-called Shanghai upgrade on April 12as it marks a crucial milestone in the development of Ethereum.
The upgrade signifies Ethereum’s full transition to the Proof of Stake (PoS) consensus mechanism, aimed at improving network security, efficiency, and scalability. This advance should help ETH gain substantial price traction.
State of the cryptocurrency market
The global cryptocurrency market has seen a strong performance over the past few weeks, with one of the contributing factors being growing investor confidence in Bitcoin.
They start to perceive BTC as a safe alternative to traditional banking means. This sentiment is mainly driven by the collapse of several banks, including Silicon Valley Bank, Silvergate Capital and Signature Bank.
However, the recent outbreak of global cryptocurrency market seems to be losing momentum, as it is fell to $1.16 trillion this morning, representing a loss of 2.30% in the past 24 hours.
Bitcoin (BTC) and Ethereum (ETH), two of the world’s largest cryptocurrencies, failed to sustain previous gains and fell to just under $28,000 and $1,800, respectively, early Monday. .
Additionally, other major cryptocurrencies, such as Dogecoin (DOGE), Ripple (XRP), Solana (SOL) and Litecoin (LTC), suffered significant losses this morning.
BTC’s bullish run out of steam as investors anticipate US economic indicators
Bitcoin’s price surge appears to have slowed as traders tread cautiously placing their bids. That is probably due to the upcoming release of two crucial economic indicators in the United States, employment and productivity data.
While investors await these numbers, they will likely watch other macro concerns that could impact the Bitcoin market, such as inflation, financial turmoil, and regulatory changes. These factors will likely generate significant swings in the value of BTC and other cryptocurrencies in the coming days and weeks.
The price of bitcoin
The current Bitcoin price stands at $27,725, with a 24-hour trading volume of $13.5 billion. In the past 24 hours, Bitcoin saw a decline of 2.70%.
On Monday, the BTC/USD pair is trading in a fairly neutral range, maintaining a narrow trading 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 rise, a break above $28,250 could propel BTC towards its next immediate resistance level of $28,900. Conversely, immediate support for Bitcoin can be found at $27,600.
THE key technical indicatorssuch as the RSI and MACD, have fallen below their average levels (50 and 0 respectively), suggesting a selling bias among investorsand therefore a possibility of a decline in the short term.
Therefore, the breakout of the $27,600-$28,900 trading range will dictate new momentum in the price of BTC.
The price of Ethereum
The current price of Ethereum is $1,780with a 24-hour trading volume of $6.5 billion. Ethereum is down almost 2.30% in the last 24 hours. The ETH/USD pair continues to trade in a wide range, fluctuating between the $1,750 and $1,850 levels.
Ethereum is currently struggling to clear the $1,850 resistance level and has consistently traded near the $1,750 support level.
If the ETH/USD pair manages to break above the $1,850 mark, it should face obstacles at the level of $1,940 which can be an objective course within the week. Support levels for the ETH/USD pair are predicted at $1,700 or $1,620 which could act as fallback prices on the downside.
Top 10 Alternatives to Bitcoin and Ethereum to Watch
Cryptonews Reviewed top 10 cryptocurrencies for 2023. If you are looking for a higher potential investment opportunity, there are many other projects worth considering.
Disclaimer: This linked article presents the views of crypto industry players and is not part of the editorial content of Cryptonews.com.
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