During the US session, BTC is consolidating just below $17,000, and the candle closes over $16,750 to maintain Bitcoin price prediction optimistically. Bitcoin’s price has broken through a key moving average that has been functioning as a barrier in recent weeks.
If the remaining negative variables do not stymie the building momentum, the market appears poised to move higher in the following week. Similarly, Ethereum, the second-largest cryptocurrency, fell back into the $1,265 trading range after failing to hold above $1,275.
December Non-farm Payrolls Jump 223K
The cryptocurrency market continues to remain under pressure amid stronger-than-expected Labor market figures from the US. There was a larger-than-anticipated increase in hiring in the United States (223,000), and the unemployment rate fell more quickly than projected. Hourly pay increases, however, also accelerated.
The US Department of Labor reports a 203,000 annualized gain in non-farm payrolls in December. 200,000 was the increase that was anticipated by the economists.
Job gains in the private sector were revised down by a total of -28,000 from February and March. Meanwhile, the jobless rate dropped from 0.1 percentage points, to 3.5%. Furthermore, the 3.7% figure that had been predicted the previous month was revised down by 0.1 percentage points.
Hourly wages increased by 0.27% month-over-month (consensus: 0.4%), with November’s data revised down by 0.2%, and by 4.5% year-over-year (back to its lowest level since mid-2020).
By industry, payroll growth mirrored the distribution seen in other reports from the previous week, with the vast majority of new jobs being created in the private sector.
The travel and leisure industry was responsible for the largest increase in employment, with 74,400 positions added, but the education and health services sector saw the largest gain in personnel, with 78,000 new jobs created.
Bitcoin is currently trading at $16,948, with an $8.5 billion trading volume in the last 24 hours. Not being able to close above the $17,000 double-top resistance level has put Bitcoin at risk of falling to the $16,775 support zone. BTC is in an ascending channel on the 4-hour time frame, suggesting that a close over $16,775 could trigger a pullback.
Bitcoin Price Chart – Source: Tradingview
If Bitcoin drops below $16,775 today, it might fall as low as $16,450. Above $16,775, there may be a buying trend developing in BTC.
The current price of Ethereum is $1,265 with a $2.6 billion 24-hour trading volume. The ETH/USD pair is facing strong resistance near the $1,276 level, which is extended by a double top pattern on the 4-hour timeframe.
On the upside, a bullish breakout of the $1,275 level can expose the ETH price toward the next resistance area of $1,300. However, the closing of Doji and spinning top candles below $1,275 may expose the ETH price to the $1,245 zone.
Ethereum Price Chart – Source: Tradingview
On the lower side, the ETH price holds around $1,240, and a bearish breakout of the $1,240 level can open further room for selling until $1,220.
Alternative Coins with Huge Growth Prospects
Despite the market’s prolonged bearishness in 2023, a few alternative currencies are generating headlines.
Fight Out (FGHT)
The FightOut (FGHT) platform works in the same way as a personal trainer, except that the FGHT token is reimbursed in advance for workout time. All activities are tracked and can be used to improve one’s metaverse avatar’s stats.
The FGHT presale is going well, with about $2.6 million raised so far. The current selling price of 60.06 FGHT for $1 (FGHT can be purchased using ETH or USDT) is expected to rise as the sale progresses.
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Dash 2 Trade (D2T)
Dash 2 Trade, which will launch in early 2023, will be an Ethereum-based platform that will provide real-time statistics and social trading data. Among the initial features will be trading signals, on-chain statistics, strategy-building tools, and newsfeeds, allowing both new and expert traders to stay on top of the volatile bitcoin market.
According to recent information, the sell-out presale for the trade intelligence cryptocurrency project will be expanded with the addition of an over-funding round. The presale reached its fourth and final funding goal of $13,420,000 earlier today and was thus set to conclude. Dash 2 Trade team has decided to hold a 5th stage (or “over-funding round”) of the presale in order to raise an additional $2,001,600.
D2T is being overfunded at 4% above its prior price of $0.0533. The current financing total for the project is $15,421,600.
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C+Charge (CCHG) is a blockchain-based network that compensates electric car owners for charging and operating their vehicles. Its native token, CCHG, is currently on the market. Electric car use has increased rapidly in recent years all around the world. The electric vehicle (EV) sector has emerged as a more environmentally friendly alternative to the existing automotive industry, which has long been in need of reform.
Thanks to companies like Tesla, Rivian, and others, people can now buy EVs and join in the green revolution. To illustrate its scalability, the network has already offered to add 20% of Turkey’s EV chargers to its network. 1 CCHG costs $0.013, and can be purchased with BNB or USDT. The presale has so far raised $96,594.
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Find The Best Price to Buy/Sell Cryptocurrency
Cryptocurrency Price Tracker – Source: crypto news