With the US payroll data showing better-than-expected results, investors are wondering if Bitcoin and Ethereum prices will surge this weekend. Both digital currencies have been on a roller coaster ride in recent weeks, so investors are eager to see if the positive news will translate into higher prices.

This article will explore the potential impact of the payroll beat on Bitcoin and Ethereum prices and whether they are set to surge this weekend.

The US Bureau of Labor Statistics (BLS) released nonfarm payroll figures on February 3rd, revealing that 517,000 jobs were added in January. It is a much higher-than-expected increase. The economy added far more jobs than economists predicted, lowering the unemployment rate to its lowest level in more than 50 years, according to the job report.

What Do the Latest January Jobs Report Data Mean For The Economy?

The job market began in 2023 on an astonishingly high note, with nonfarm payrolls growing at their fastest rate since July 2022. According to a Labor Department report released on February 3, nonfarm payrolls increased by 517,000 in January, far exceeding the market consensus of 185,000. In comparison to the actual 223,000 job gains in December, economists predicted 185,000 nonfarm employment gains for the month.

According to the study, employment increased across the board, with increases in leisure and hospitality, business and professional activities, and healthcare taking the lead. Employment in government increased as well, indicating a return of workers after a strike.

Furthermore, compared to the expected 3.6%, the unemployment rate fell to 3.4%. Since May 1969, the unemployment rate has not been this low. The proportion of people in the labor force increased slightly to 62.4%.

How The Payroll Beat Affected Crypto Prices: What You Need To Know

The United States January Nonfarm Payrolls report had a significant impact on the value of Bitcoin and Ethereum. The report contains information about the US economy and has an impact on the prices of the top cryptocurrencies.

The Federal Reserve decided to raise interest rates by a quarter of a percentage point on February 1, stating that “peak employment” remained a major goal for the institution. However, the market remains competitive, as evidenced by an increase in the number of jobs advertised for every unemployed person in December, according to Bureau of Labor Statistics data.

Furthermore, experts predicted that the data would show a decrease in job creation in January, which would be good news for cryptocurrency investors. The report, however, revealed the inverse, and BTC and ETH dropped within minutes of the announcement. BTC/USD is currently trading at $23,454.0, a 0.27% decrease in 24 hours, and ETH/USD is trading at $1,679.15, a 1.15% increase.

Despite Payroll Beat, Will Bitcoin and Ethereum Rise This Weekend?

Analysts have frequently highlighted the labor market’s strength as a significant factor that could influence Fed policy. It is because a low unemployment rate gives employees more negotiating power to demand higher pay, which could lead to long-term inflationary pressures.

According to the most recent data, the Consumer Price Index for All Urban Consumers rose 6.5% in the year to December, the lowest annual gain since October 2021, demonstrating the recent decline in US headline inflation. Furthermore, macroeconomic data and monetary policy changes have a significant impact on cryptocurrency markets.

Following its meeting on February 1, the Federal Open Market Committee (FOMC) raised interest rates by another 25 basis points. If the Fed raises rates faster or for a longer period than expected, cryptocurrency prices may revert and fall once more.

Bitcoin Price

Bitcoin (BTC) is currently priced at $23,300 and has a 24-hour trading volume of $25 billion. It is ranked number one on CoinMarketCap and its market capitalization exceeds $449 billion. With 19.28 million BTC coins in circulation and a maximum potential supply of 21 million coins, it is a highly sought-after cryptocurrency asset.

Bitcoin is on a downward trend and its immediate support area is at the $23,300 level. If it drops below this figure, further losses can be seen and the $23,000 mark may act as a support point due to an upward trending trendline.

Bitcoin Price Chart – Source: Tradingview

The RSI and MACD indicators suggest that the BTC price may go down to the next support area of $22,750 due to an increase in selling pressure.

Currently, the 50-day exponential moving average is displaying a bullish trend above $23,300 for BTC/USD so we could see a rebound soon. If the price breaks out of $23,950 on the upside, it might go up toward $24,500.

Ethereum Price

Ethereum has had a market capitalization of $202 billion and is the world’s second-largest cryptocurrency according to CoinMarketCap. The price of Ether is currently at $1,650 with a 24-hour volume of $7.6 billion and has increased by 0.50% within the last 24 hours.

Ethereum recently failed to breach the $1,700 resistance level, causing its value to plummet. This sudden decline is likely due to investors who chose to liquidate while it was in an excessively bought state and had already attained a 50% Fibonacci retracement of $1,635.

If ETH prices keep dropping, there is a chance that they may reach $1,615. This figure is the 61.8% Fibonacci retracement level for ETH.

ETH

Ethereum Price Chart – Source: Tradingview

Recent analysis of Ethereum’s RSI and MACD indicators reveal a decrease, to 56 and 0.40 respectively. This suggests that ETH may no longer be in an overbought market state. The 50-day Exponential Moving Average signals a potential bullish run with prices surpassing the $1,620 level. This indicates an uptrend in the market.

Ethereum is currently facing difficulty in crossing the resistance levels of $1,650 and $1,680. If these barriers are surpassed, Ethereum’s price has the potential to reach heights of up to $1720.

3 Cryptocurrency Presales That Could Be The Next Big Thing In February 2023

The cryptocurrency market leaders, MEMAG, FGHT, and CCHG provide innovative solutions for investing and offer exciting opportunities such as exploring new worlds and earning money by playing games.

Meta Masters Guild (MEMAG)

Meta Masters Guild is a web 3.0 gaming platform where you can earn money by playing exciting and entertaining games. The platform features NFTs linked to digital wallets, and you can earn “Gems,” the in-app currency, by playing games and exchanging them for $MEMAG. MEMAG is also collaborating with well-known game producers to improve its effect and visibility in the gaming industry.

The network has a total quantity of 1 billion MEMAG tokens, with 35% set aside for the presale. Three intriguing mobile-based games, including “Meta Kart Racers” and “NFT Raid,” are on the way. MMG has already established itself as a market leader, having generated $2.8 million in its first three presale phases. Tokens for $MEMAG are now available for $0.016 USDT but act quickly as the price will rise during the next presale.

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Fight Out (FGHT)

Fight Out is a startup that has transformed the fitness sector with its Move-to-Earn (M2E) concept, which rewards you with cryptocurrency for engaging in physical activities. Customized fitness programs, on-demand training sessions, and an avatar-based metaverse where you may explore and compete for rewards are all part of the concept.

With its native token, FGHT, you can access the app and forthcoming roadmap objectives such as Fight Out’s gyms and offices. To subscribe to the app, you must invest their FGHT tokens; the more tokens you stake, the more access you have.

The software rewards you with REPS tokens in exchange for completing exercises and contributing to the community. Leading athletes and coaches are working with Fight Out to spread the word about its innovative move-to-earn concept and to introduce blockchain technology to the fitness industry.

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C+ Charge (CCHG)

C+Charge, or CCHG, is a cryptocurrency in the United States that aims to revolutionize the charging experience for electric vehicles (EVs). This eco-friendly cryptocurrency operates on a full peer-to-peer (P2P) payment system, allowing EV drivers to pay for their expenses using CCHG tokens kept in the crypto wallet of the C+Charge mobile app.

The network raises environmental awareness by offering NFT-based carbon credits to its users. The initial launch of CEX is scheduled for March 2023, which will result in a significant increase in token value due to increased user activity.

With a current market price of $0.013 and a hard cap of $6.6 million, CCHG is one of the top cryptocurrencies to invest in February 2023.

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