Bitcoin (BTC) was able to hold steady at about $23,000 at the time. After the Federal Reserve decided to increase interest rates by 25 basis points, BTC went on to reach a record high of more than $24,000.
The US January Nonfarm Payrolls are anticipated to be announced later today, and this might have a significant effect on the price of BTC.
The latest US Federal Reserve policy has had a big impact on the cryptocurrency market. Bitcoin and other digital assets saw a surge in value after the Fed said it would limit interest rate hikes to 25 basis points.
BTC prices rose to a 6-month high on Thursday morning as they momentarily crossed the $24,000 mark.
Additionally, traders are wary to place any large bids because today’s Non-Farm Payrolls (NFP) data is expected to have an impact on the price of bitcoin. These numbers are essential because they will influence how the Fed will proceed in the future.
Further evidence that the Fed will continue its dovish approach in the future sessions comes from the robust employment growth.
Today’s Bitcoin Price
| DATE | BTC | USD |
|---|---|---|
| Today | 01 | $ 23,457.75 |
Bitcoin Price Prediction
Bitcoin (BTC) is now priced at $23,480, with a $29 billion 24-hour trading volume. It is now ranked first on CoinMarketCap and has a market value of around $452 billion. The total amount of BTC coins is 21 million, with 19.28 million currently in use.
On the technical front, Bitcoin is descending toward a $23,300 range that will act as an immediate support. Further selling might drive the price down below $23,000, where an upward trendline might offer support, if this level is breached.
Additional selling pressure may cause the BTC price to move toward the next support level of $22,750 as the RSI and MACD indicators are indicating a selling trend.
We might observe a positive bounce-off in the BTC/USD pair because the 50-day exponential moving average is still indicating a purchasing trend over $23,300. A bullish breakout of the $23,950 barrier would expose the BTC price to the upside, pushing it into the $24,500 level.
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