Bitcoin Price Prediction as BTC Attempts Breakout to $23,000 Level – Can BTC and ETH Recover?
Bitcoin (BTC) and Ethereum (ETH), two of the most popular cryptocurrencies in the world, have been unable to halt their losses and are still trading in the red below the $23,000 and $1,600 marks, respectively.
Traders are hesitant to place any strong bids ahead of a critical week of economic developments in the United States. This week will see the release of nonfarm payroll statistics and remarks by US Federal Reserve Chair Jerome Powell, making it a crucial moment for the market.
BTC has faced difficulties in rising above the $22,800 level, and if the bears succeed in pushing the price below its current level, the next support level would be $21,480.
The second-largest cryptocurrency, Ethereum, has also seen a lack of trading activity around the $1,500 mark, indicating hesitation among buyers and sellers.
The global cryptocurrency market has been in a downward trend for the past few weeks, with prices falling across the board. The main reason for this decline is the bearish market sentiment, which has had a negative impact on the price of Bitcoin.
However, this current market condition could also have an effect on the supply of BTC. As people lose confidence in the market, they may choose to sell their Bitcoin holdings, increasing the supply and driving prices down further.
There is a glimmer of hope amidst the current dip in the prices of Bitcoin and Ether. If investors consider the Silvergate suspension as a minor setback rather than a major negative event, the current bearish trend may not last long.
It's worth noting that Bitcoin and Ether have a significant market capitalization and are closely interconnected. Hence, any positive outcome for one cryptocurrency could have a favorable impact on the other.
The growing
Read more on cryptonews.com
