The cryptocurrency markets have seen massive swings in recent weeks, with Bitcoin and Ethereum prices abruptly surging and plummeting. The market for digital currency investors has been unsettling lately.
In anticipation of Jerome Powell, chairman of the Federal Reserve, investors watched as Bitcoin’s (BTC) value fell to below $23,000 on Monday. With BTC falling by 2.05% and ETH falling by 2.36%, other digital assets, such as Ethereum, were also flat.
An surge in pandemic-related panic and a volatile cryptocurrency market were the main factors affecting the price of Bitcoin and other assets. These factors working together have increased trade activity with digital currency.
The crypto area has been significantly impacted by the US dollar’s bullishness, which has made the crypto market struggle and put an end to the surge.
The market for cryptocurrencies has recently experienced a fall due to numerous unfavorable causes. These include heightened concerns about potential currency tightening and opposition to bitcoin use in Sri Lanka.
Due to the upcoming conversation between Federal Reserve Chairman Jerome Powell and the Economic Club of Washington, D.C. on Tuesday, traders are being extra careful going forward when it comes to investing. Investors can anticipate learning new information about the state of the economy from the discussion. Comments made about the trajectory of inflation and the most recent employment statistics will be closely scrutinized.
Today’s Bitcoin Price
| DATE | BTC | USD |
|---|---|---|
| Today | 01 | $ 22,991.75 |
Bitcoin Price Prediction
The price of one bitcoin is $22,877 as of right now. Its trading volume was $21.8B during the past day, a 2.17% decline. It presently holds the top spot in terms of market cap, valued at $441 billion.
Bitcoin has been trending downward in recent months and is currently circling the $22,700 support level. If it breaks through this level, more price decline is predicted; it may ultimately settle at $22,400, which is marked by a rising trendline and might serve as a support level.
Technical research utilizing instruments like the RSI and MACD has shown indications of a potential spike in selling pressure, which might ultimately cause the value of BTC to fall to its next-lowest level of $22,350.
The trend is still strong, and the 50-day exponential moving average indicates that BTC/USD may encounter resistance close to the $23,250 mark. It might perhaps reach the $23,500 level if it passes the $23,250 threshold. This implies that a value increase is expected.
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