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The most popular cryptocurrency, Bitcoin's (BTC) recovery was first anticipated when speculations related to the US Federal Reserve slowing down the hike rates came around the financial experts.
Experts believed with inflation quieting down, BTC might see bullish trends rushing in. However, U.S. employment data for January 2023 revealed that unemployment is the lowest since May 1969, and this once again prompted negative sentiments across the crypto industry.
Even though uncertainty is one of the underlying aspects of crypto, a quick price analysis can gauge the ongoing trends in the market. Let us see, what does the price analysis for Bitcoin and Ethereum (ETH) has to say about this.
Bitcoin is currently trading at $23,392.11 after a gain of 0.22% in the past 24 hours. In the past seven days, the price has gone up by 0.74% and the market cap of BTC has reached US$450 billion.
Bitcoin first bounced off the $22,800 support level on February 01 indicating that this price zone had many buyers. As a result, investors caused a hike and the trading value reached above $24,000 on February 02 for a short time but the higher levels could not be maintained for long.
The rise of moving averages and the relative strength (RSI) in the overbought zone, indicate that the path of least resistance is to the upside. If the price goes up to the current trading levels, BTC might even rise to $25,000.
Ethereum is currently trading at $1,668.76 after a gain of 0.68% in the past 24 hours. ETH has shown a jump of 4.69% in the past seven days and the current market cap has reached US$204 billion.
Investors pushed Ether(ETH) beyond the overhead resistance of $1,680 on February 02. However, the breakout didn't stay for long and the price closed below $1,680.
The upsloping 20-day Exponential Moving Average and the positive RSI imply that Ether bulls are in check. Investors might try to cross the overhead barrier at $1,680 and push the price to $2,000. As a result, the $1,800 level may cause some resistance but chances are, the prices may be crossed.
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Disclaimer: Analytics Insight does not provide financial advice or guidance. Also note that the cryptocurrencies mentioned/listed on the website could potentially be scams, i.e. designed to induce you to invest financial resources that may be lost forever and not be recoverable once investments are made. You are responsible for conducting your own research (DYOR) before making any investments. Read more here.
