As Bitcoin and Ethereum continue to dominate the cryptocurrency market, traders and investors are closely monitoring their price trends. Over the weekend, Bitcoin and Ethereum have been trading within a narrow range, causing some concerns among traders
As Bitcoin and Ethereum continue to dominate the cryptocurrency market, traders and investors are closely monitoring their price trends. Over the weekend, Bitcoin and Ethereum have been trading within a narrow range, causing some concerns among traders.
As we enter the new week, everyone is pondering a question: Will BTC and ETH break free from the weekend blues and experience price breakthroughs?
In this update, we will carefully study the current status of Bitcoin and Ethereum, analyze their recent price trends, and predict whether we can see breakthroughs in the near future.
Deep Exploration: Prospects and Analysis of Cryptocurrency Fundamentals
As the world's largest cryptocurrency, Bitcoin will close this week, soaring above the $29000 mark on Thursday, reaching its highest level since June 2021 and recording a gain of over 3.5%.
Although Bitcoin currently costs $28565.21 and has a 24-hour trading volume of $18291181018. Bitcoin has still risen 1.48% in the past 24 hours.
At the same time, Ethereum, the second largest cryptocurrency, gained huge appeal with a trading price of approximately $1830 and an intraday high of $1846. It rose nearly 10% in March and has surged 52.8% so far this year.
However, the current price of Ethereum is $1824, with a 24-hour trading volume of $8.7 billion. Ethereum has risen by nearly 1.50% in the past few hours.
However, the reason for their strong rise may be related to the resurgence of interest in high-risk assets and the hope of the Federal Reserve ending its interest rate hike cycle.
In addition, the recent financial crisis and regulatory developments have increased interest and investment in cryptocurrencies, which has driven the development of Bitcoin (BTC) and led to its recent price surge. On the downside, regulatory agencies continue to crack down on cryptocurrencies and exchanges, which hinders the growth of Bitcoin.
It is worth noting that the Commodity Futures Trading Commission recently sued Binance, the world's largest cryptocurrency exchange, and its CEO Zhao Changpeng "CZ" for violating trading and derivatives laws. As a result, this has slowed down further growth in Bitcoin prices.
The US Government's Plan to Sell Confiscated Bitcoin: Potential Impact on Bitcoin Prices
The United States is about to sell over 41000 Bitcoins seized in the Silk Road case against Ross Ulbricht. This information was disclosed in a court document in the United States, which also stated that officials had previously sold approximately 9861 Bitcoins for over $215 million. This will result in the sale of approximately 41491 Bitcoins in four batches this year.
However, the news of such a large influx of Bitcoin into the market may spark investor interest, but its impact on the price of Bitcoin remains uncertain. On the whole, the market price falls moderately after a large sell-off, but usually recovers quickly.
US Inflation and Consumer Confidence Reports Showing Mixed Results, Bitcoin Prices Not Affected
Inflation data released by the United States Department of Commerce showed that core personal consumption expenditure increased 4.6% year on year, lower than expected and lower than the level of last month.
Although the overall inflation rate is 5%, this means that the Federal Reserve's tightening actions will affect inflation.
Boston Federal Reserve Bank President Susan Collins praised the news but emphasized the need for more work. In addition, the University of Michigan's consumer confidence index in March was lower than expected, and one-year and five-year inflation forecasts fell.
These developments mean that the Federal Reserve will maintain its tightening policy, which may affect Bitcoin prices.
According to New York Fed Chairman John Williams, inflation will drop to 3.5%, GDP will decline slightly, and then rebound in 2024.
Bitcoin Price
On Saturday, the BTC/USD currency pair traded within a neutral range, maintaining a narrow window between $27600 and $28900. Investors seem to be still searching for solid fundamental reasons to break through this specific trading range.
On the positive side, breaking through the triple top pattern of $28900 can push BTC to its next direct resistance level of $29600. On the downside, BTC's direct support is at the $27600 level.
Leading technical indicators such as RSI and MACD fluctuate above and below the median (50 and 0, respectively), indicating that investors tend to trade in a neutral manner.
Therefore, breaking through $27600 to $28900 within this trading range will determine further price trends.
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Ethereum Price
Similar to Bitcoin, Ethereum is currently struggling to break through the resistance level of $1840 and has been trading near the support level of $1700.
If ETH/USD successfully breaks the threshold of $1800, it is expected to encounter obstacles at the level of $1900.
It is expected that the support level for the ETH/USD currency pair will be $1700 or $1620.
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