Bitcoin and Ethereum Price Predictions: Will ADP Non-Farm Employment Data Result in a Range Breakout for BTC and ETH?
Bitcoin (BTC), potentially the most popular cryptocurrency in the world, maintained its winning run and gained some significant traction toward the $28,500 mark. Meanwhile, Ethereum (ETH), the second largest cryptocurrency, extended its upward direction and reached an eight-month high of $1,900 mark.
However, the continuous bullish rally in the crypto market was mainly influenced by ongoing liquidity issues in the financial sector, which have the potential to impact both traditional and digital asset markets. Investors will keep a eye out for any instability or volatility in this sector since it might have an impact on the rest of the financial system.
On the other side, Ethereum's upcoming Shanghai upgrade, scheduled for April 12, was seen as another key factor that lead to a general rise in the crypto market. Thereby, many investors are keenly analyzing Ethereum's performance in the run-up to the upgrade, hoping that it would stimulate development in the entire crypto market.
Investors seem to be hopeful about the cryptocurrency market in April, as historical statistics show that the month has been fruitful for cryptocurrencies such as Bitcoin and Ethereum, with recent increases and rising popularity in the crypto industry. It is worth recalling that Bitcoin has already gained 23% in March and is up 67% year to date. This is why, investors remain bullish on the prospect of fresh all-time highs in the coming weeks.
The current Bitcoin price is $28,501.18, and the 24-hour trading volume is $16,606,896,120. Bitcoin has increased by 2.44% in the previous 24 hours. In the meantime, the current price of Ethereum is $1,909.55, with a 24-hour trading volume of $11,678,206,579. In the previous 24 hours, Ethereum has gained 5.79%.
Bitcoin Drew Bids Despite Decline in US Job Vacancies
Bitcoin has been on the rise and experienced a significant surge lately despite the larger-than-expected decline in US job vacancies on Tuesday. However, the recent decline in US job openings may indicate easing labor market conditions, which could cap gains in Bitcoin price rally.
According to the monthly Job Openings and Labor Turnover Survey (JOLTS), the U.S. job openings fell by 632,000 to 9.9 million in February, the lowest level since May 2021. This decrease in job openings follows a reduction of 1.3 million in the first two months of 2023. Economists had previously predicted 10.4 million job openings, indicating a larger-than-expected fall.
Hence, these data figures suggest a tightening labor market, which will likely have an impact on the broader economic outlook and investor mood, particularly in the cryptocurrency market..
Cryptocurrency Market Rally Continues - Focus on Upcoming Nonfarm Payroll Data
The global cryptocurrency market has maintained its bullish rally, standing at $1.20 trillion at the time of writing, representing a 1.09 percent 24-hour rise. As a result, Ethereum (ETH) surpassed the $1,900 mark, reaching an eight-month high early Wednesday. BTC has remained stable in the $28,000 level. Apart from this, several major cryptocurrencies landed in the greens across the board, including Dogecoin (DOGE), Ripple (XRP), Litecoin (LTC), and Solana (SOL).
As the most cryptocurrencies performed well in March, investors are confident about the cryptocurrency market in April, since historical data shows that April has historically been a good month for Bitcoin (BTC) and Ethereum (ETH).
However, ongoing liquidity issues in the financial sector could impact digital asset markets, and investors will closely watch for instability or volatility. This could potentially have effects on the broader financial ecosystem.
Bitcoin Holdings by Digital Asset Managers Show Resilience Despite Bank Failures.
BTC holdings by digital asset managers, including trusts and exchange-traded products, initially fell in early March following the collapse of major banks. Afterwards, these managers have added almost 4,000 BTC to their holdings, totalling over 692,000 BTC as of April 2.
Hence, this indicates that investor interest in Cryptocurrency has regained, since these managers are growing their holdings despite recent bank failures. Thereby, the increased BTC holdings by digital asset managers may signal greater trust in the cryptocurrency and may influence broader market sentiment, ultimately contributing to positive price momentum for BTC.
The current Bitcoin price is $26,914, and the 24-hour trading volume is $18.4 billion. Bitcoin has fallen by nearly 3.5% in the previous 24 hours. Based on technical analysis, the BTC/USD pair currently displays a bullish trend. Nevertheless, it may encounter resistance upon reaching the $28,950 level.
Should Bitcoin manage to break through the resistance level of $28,950, it might propel its value upwards to $29,250 or possibly $30,500.
On the other hand, if a bearish trend materializes, support levels around $26,500 and $25,500 are anticipated to provide substantial support.
At the moment, the price of Ethereum stands at $1,724, and it has experienced a 24-hour trading volume of $8.5 billion. Over the past 24 hours, Ethereum has seen a decline of 1.50%.
Currently, Ethereum is struggling to break through the resistance level of $1,840 and has been consistently trading near the $1,700 support zone.
If the ETH/USD pair manages to surpass the $1,800 level, it is expected to encounter resistance at the $1,900 mark.
Support levels for the ETH/USD pair are expected to be at either $1,700 or $1,620.
Top 15 Cryptocurrencies to Watch in 2023
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Disclaimer: The Industry Talk section features insights by crypto industry players and is not a part of the editorial content of Cryptonews.com.