As Bitcoin and Ethereum continue to dominate the cryptocurrency market, traders and investors are closely watching their price movements. Over the weekend, both Bitcoin and Ethereum traded in a tight range, prompting some concerns from traders.
As the new week begins, everyone is asking the question: will BTC and ETH break out of the weekend blues and see a price breakout?
In this update, we will take a closer look at the current state of Bitcoin and Ethereum, analyze their recent price action and make predictions on whether we can expect a breakout in the near future.
A Deep Dive: Fundamental Cryptocurrency Outlook and Analysis
Bitcoin, the world’s largest cryptocurrency, is expected to end the week on a positive note as it surged above $29,000 on Thursday, marking its highest level since June 2021 and gaining more than 3.5%.
Although the current price of Bitcoin is $28,565.21 with a 24-hour trading volume of $18,291,181,018. Bitcoin is still up 1.48% over the past 24 hours.
Meanwhile, Ethereum, the second largest crypto, gained significant traction, trading around $1,830 with an intraday high of $1,846. It’s up almost 10% in March and is up 52.8% year-to-date.
However, Ethereum’s current price is $1,824, with a 24-hour trading volume of $8.7 billion. Ethereum has gained nearly 1.50% in the past few hours.
However, the reason for its strong bullish rally could be related to renewed interest in risky assets and hopes that the Federal Reserve will end its cycle of tightening.
Additionally, recent financial crises and regulatory developments have boosted Bitcoin (BTC) by increasing interest and investment in the cryptocurrency, contributing to its recent price surge. On the other hand, regulators continue to crack down on cryptocurrencies and exchanges, which has hampered Bitcoin’s growth.
It’s worth noting that the Commodities Futures Trading Commission recently sued Binance, the world’s largest crypto exchange, and its CEO Changpeng “CZ” Zhao for violating trading and derivatives laws. As a result, this has slowed further growth in bitcoin price.
US Government plans to sell confiscated Bitcoin: Potential impact on BTC price
The United States is on the verge of selling over 41,000 Bitcoin seized during the Silk Road trial of Ross Ulbricht. This information was released in a court filing in the United States, which also indicated that officials had previously sold around 9,861 BTC for more than $215 million. That leaves about 41,491 bitcoin for sale in four more batches this year.
However, news of such a massive influx of Bitcoin into the market could pique investor interest, but its impact on Bitcoin’s price remains uncertain. In general, after significant sell-offs, the market has seen a slight fall in price, although it has typically recovered quickly.
US inflation and consumer sentiment reports show mixed results, leaving bitcoin price unaffected
US inflation figures released by the Commerce Department showed core PCE rose 4.6% annually, which is lower than expected and lower than the previous month’s levels.
While headline inflation was 5%, this suggests that the Fed’s tightening measures are affecting inflation.
Susan Collins, President of the Federal Reserve Bank of Boston, praised the news but stressed that more needs to be done. In addition, the University of Michigan Consumer Sentiment Index for March was lower than forecast, with inflation forecasts falling over the one- and five-year periods.
These developments imply that the Fed will continue its tightening efforts, which could affect the Bitcoin price.
According to New York Fed President John Williams, inflation will fall to 3.5% and GDP will fall somewhat before recovering in 2024.
bitcoin price
On Saturday, the BTC/USD pair is trading in a neutral range, maintaining a narrow window between $27,600 and $28,900. It appears that investors are still looking for a solid fundamental reason to break out of this particular trading range.
On the upside, a break above the $28,900 triple top pattern can propel BTC towards its next immediate resistance level of $29,600. On the upside, BTC’s immediate support prevails at the $27,600 level.
Bitcoin price chart – Source: Tradingview
Leading technical indicators like RSI and MACD are oscillating above and below mid-level levels (50 and 0 respectively), suggesting a neutral trading bias among investors.
Therefore, the breakout from $27,600 to $28,900 in this range will determine further price action.
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Ethereum price
Similar to Bitcoin, Ethereum is currently struggling to surpass the $1,840 resistance level and is constantly trading near the $1,700 support level.
In case the ETH/USD pair successfully surpasses the $1,800 level, it is likely to face obstacles near $1,900.
Ethereum price chart – Source: Tradingview
The support levels for the ETH/USD pair are expected to come in at either $1,700 or $1,620.
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Top 15 Cryptocurrencies to Watch in 2023
Stay up to date on the latest ICO projects and altcoins by regularly checking the carefully curated list of the 15 Most Promising Cryptocurrencies to Watch in 2023.
This list was compiled by experts from Industry Talk and Cryptonews, so you can be confident that it contains only the best and most promising cryptocurrencies on the market.
Disclaimer: The Industry Talk section features insights from crypto industry players and is not part of Cryptonews.com editorial content.
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