Bitcoin Price and Ethereum Prediction; US Nonfarm Payroll Under the Spotlight Today
The price of Bitcoin has remained mostly unchanged during the Asian session, settling in a narrow range of $16,750 to $16,950. Similarly, Ethereum, the second-largest cryptocurrency, fell back into the $1,250 trading range after failing to hold above $1,260.
The global crypto market cap fell 0.32% to $817.65 billion on the previous day, sending major cryptocurrencies into the red early on January 6. Over the last 24 hours, overall crypto market volume surged 22.94% to $27.22 billion.
DeFi’s total volume is currently $1.90 billion, accounting for 7% of the overall crypto market 24-hour volume. The overall volume of all stablecoins is now $26.09 billion, accounting for 95.87% of the total 24-hour volume of the crypto market.
US Nonfarm Payroll Under the Spotlight Today
Following an upwardly revised 284K in October, the US economy added an unexpected 263K jobs in November of 2022. As the economy recovers from the shock of the pandemic, job growth has slowed to its lowest rate since April of last year. Above the pre-pandemic norm of 150,000 to 200,000 monthly job gains, it continues to indicate a strong and competitive labor market.
The December nonfarm payrolls report will provide new information on how tight the labor market is and what this implication is for inflation and the Federal Reserve’s monetary policy decisions.
Economists anticipate that the December employment data would indicate that 200K jobs were gained and the unemployment rate remained at 3.7%, close to a 50-year low. When the epidemic hit the US economy, 22 million jobs were lost in March and April.
JPMORGAN: “Our forecast presumes that payroll growth slows to an average of about 60K per month in the current quarter, before turning negative in 3Q23. We expect peak-to-trough job losses of over 1 million workers through 2Q24 as the US economy slips into a mild recession.” #NFP pic.twitter.com/ZBzaEsvGNS— Carl Quintanilla (@carlquintanilla) January 5, 2023
Since then, job creation has remained above pre-pandemic levels. Total nonfarm payroll employment averaged 392K each month from 2022 through November, up from 562K in 2021. In comparison, in the last three months of 2019, the average monthly job gain was 184K.
Bitcoin is currently trading at $16,755, with a $13 billion trading volume in the last 24 hours. Bitcoin failed to break above the $16,930 double-top resistance level, implying a drop to the $16,775 support zone if it closes below that level. On the 4-hour time frame, BTC is positive due to an upward channel, thus a closing above $16,775 could spark a correction.
On the downside, a breach below $16,775 today might expose BTC to $16,450. Keep a watch on $16,775 as a possible buying trend for BTC above this level.
The current price of Ethereum is $1,247, with a $3.8 billion 24-hour trading volume. The ETH/USD pair has struggled to break above $1,260, and the Doji candle closing below this level indicates a weaker bullish trend.
As a result, ETH may fall to $1,245 to complete the 38.2% Fibonacci retracement, with the next support likely to be at $1,230, which marks the 61.8% Fibonacci retracement.
On the upside, ETH’s immediate barrier remains at $1,270, and a bullish crossover over this might expose ETH to the $1,295 mark.
Alternative Coins with Huge Growth Prospects
Despite the market’s continued bearishness in 2023, a few altcoins are making news.
The FightOut (FGHT) platform functions similarly to a personal trainer, with the exception that the FGHT token is compensated in advance for workout time. All activities are recorded and can be used to boost the stats of one’s metaverse avatar.
The FGHT presale is working well, with almost $2.6 million already raised. The current selling price of 60.06 FGHT for $1 (FGHT may be purchased using ETH or USDT) will climb as the sale goes on.
Visit FightOut Now
Dash 2 Trade (D2T)
When it starts in early 2023, Dash 2 Trade will be an Ethereum-based platform that will deliver real-time statistics and social trading data. Trading signals, on-chain statistics, strategy-building tools, and newsfeeds will be among the initial features, enabling both new and experienced traders to stay on top of the turbulent bitcoin market.
The trade intelligence cryptocurrency project’s sell-out presale will be expanded with the addition of an over-funding round, according to new information. The presale met its fourth and final financing goal of $13,420,000 earlier today and was thus scheduled to end.
To accommodate individuals who may have missed the initial investment window, the Dash 2 Trade team has chosen to hold a 5th stage (or “over-funding round”) of the presale in which 36,000,000 tokens will be offered at a price of $0.0556 in order to raise an additional $2,001,600.
D2T is being over-funded at a 4% premium to its previous price of $0.0533. The project’s current funding total is $15,421,600.
C+Charge (CCHG) is a blockchain-based platform that rewards owners of electric vehicles for charging and driving them. Its native token, CCHG, is currently available for purchase. The use of electric vehicles has grown dramatically in recent years all across the world. The electric vehicle (EV) business has developed as a greener alternative to the existing automobile industry, which has long been in need of reform.
People may now buy EVs and participate in the green revolution thanks to firms like Tesla, Rivian, and others. The network has already promised to add 20% of Turkey’s EV chargers to its network to demonstrate its scalability. 1 CCHG costs $0.013, and it can be bought using BNB or USDT. So far, the presale has raised $84,670.