Bitcoin price prediction remains bullish as BTC, the world’s most popular crypto coin, managed to prolong its winning streak and steadily rise, breaking beyond the $23,500 barrier. BTC reached a new yearly high after the Fed raised interest rates by 25 basis points. This has provided market participants some relief and helped BTC gain.
Despite Fed’s hawkish rhetoric and expected ongoing hikes, sentiment remains positive with both Bitcoin and Ethereum funding rates on the rise. pic.twitter.com/2wJ7NMrm0W
— Dessislava Ianeva (@DessislavaIane2) February 2, 2023
Furthermore, the upticks in the Bitcoin prices were further bolstered by the fact that the institutional interest in Bitcoin continued to grow as the investors are heavily investing in Bitcoin futures, which is another encouraging sign for the crypto sector.
Bitcoin: Will institutional interest be BTC’s savior? https://t.co/RZjEVDpB8h #Bitcoin #Crypto #Nft pic.twitter.com/WNjtor7FaV
— LazerEYES (@lazereyes_) February 2, 2023
The current Bitcoin price is $23,792.26, and the 24-hour trading volume is $30,490,969,049. Bitcoin has increased by 3.38% in the previous 24 hours. Bitcoin is now the market leader, with a live market cap of $458,702,123,226.
Bearish US Dollar and Dovish Fed
The broad-based US dollar failed to halt its declining rally and fell further as the Federal Reserve signaled that the interest rate hike cycle is coming to an end, causing the dollar to fall to a nine-month low and Treasury yields to fall. As a result, the continuous decline in the US dollar was regarded as another major factor that kept cryptocurrency prices rising.
WATCH: U.S. stocks rallied to close higher after Federal Reserve Chair Jerome Powell acknowledged that inflation was starting to ease in remarks following a quarter-point rate hike by the U.S. central bank https://t.co/nVtOZg2YoJ pic.twitter.com/5ft97V1ULY
— Reuters Business (@ReutersBiz) February 2, 2023
It is worth noting that the Federal Reserve raised the benchmark interest rate by 25 basis points to 4.5-4.75 percent, with Chair Jerome Powell admitting that a disinflationary trend has already begun while emphasizing that declaring victory over inflation is premature.
The dollar index fell to 100.675 before recovering, and two-year Treasury rates dropped as low as 4.09%.
Wall Street’s main indexes rose after Federal Reserve Chair Jerome Powell acknowledged that inflation was starting to ease in remarks following a quarter-point rate hike by the U.S. central bank https://t.co/pURIkw6Pp1 pic.twitter.com/8ZBI6muUbJ
— Reuters (@Reuters) February 2, 2023
Moving on, market participants will keep an eye on labor market data, such as the weekly jobless claims report on Friday at 8:30 ET (13:30 GMT) and the January labor market report at 8:30 ET (13:30 GMT) (13:30 GMT). At 08:30 ET, there will also be durable goods and factory order data.
Rising Bitcoin CME Open Interest Indicates Declining Volatility
The price of Bitcoin has been rising; however, the reason for this rise could also be attributed to an increase in institutional interest in Bitcoin. Notably, rising CME Open Interest in Bitcoin was a sign of the cryptocurrency’s strong institutional interest. The level of Open Interest in Bitcoin has risen from 53% to 57%, according to Arcane Research.
Data shows that institutional influx is growing, with the total open interest in Bitcoin CME futures at 21%. Highest rate since December 2021
— (@ImDofficial_) January 25, 2023
As a result of growing institutional interest, the estimated volatility for BTC has decreased, which was seen as a positive indicator for Bitcoin prices.
Across the ocean, the situation for miners appears to be bleak, as the money earned by Bitcoin miners in the previous week has significantly decreased. Furthermore, the rising cost of power was detrimental to miners. This could put additional pressure on miners to sell their shares, lowering the price of bitcoin.
8/ #Bitcoin Average Mining Costs
For now, $BTC exceeds the average production cost for the miners. It gives a little more comfort to them, as they are not in an unprofitable zone, with less risk of capitulation – in ascending trends, such risk declines. pic.twitter.com/JTc5qbyqwA
— The ₿irb Nest (@TheBirbNest) January 30, 2023
Sentiments’ rising MVRV ratio would be another indicator of increased selling pressure on holders. This implied that the majority of Bitcoin addresses could profit if they liquidated their holdings. Because the long/short indicator was negative, it is evident that those who planned to sell their shares soon would benefit the most.
Bitcoin Price Prediction
The current price of Bitcoin is $23,874.25 with a 24-hour trading volume of $31 billion. It has seen an increase of 3.50% in the past 24 hours and is ranked 1st on CoinMarketCap with a market cap of $460 billion.
Bitcoin Price Chart – Source: Tradingview
The BTC/USD pair is attempting to break past the major resistance level of $24,000 on the 4-hour chart. If this is successful, it could push the price towards further resistance levels around $24,300 or $24,800.
The 50-day moving average of the 4-hour timeframe has created a support point of $23,000. If this price is broken, the BTC/USD pair could potentially increase in value. The direct support for Bitcoin currently stands at $23,500 and further breakdown of the $22,750 level could occur.
Three Cryptos That Are Worth Investing In Now
Sales of new cryptocurrency ventures are a key criterion for determining potential success. Given the ever-growing number of crypto projects, it is prudent to pay close attention to the presale stage if you intend to invest in one.
Investing in MEMAG, FGHT, and C+Charge, which are all currently on presale, can be a profitable investment. These cryptocurrencies have the potential to offer significantly larger returns than other assets.
Meta Masters Guild (MEMAG)
MEMAG, a new mobile gaming guild, seeks to improve the player-to-environment (P2E) experience by offering engaging games that keep gamers engaged with the platform. The Meta Masters Guild’s Stage 3 presale is now complete, and Stage 4 is currently underway, with over $2.5 million raised.
Get your $MEMAG tokens before they become too expensive in Stage 5. This is an outstanding performance in such a short amount of time.
The MEMAG coin’s price is expected to skyrocket once it is placed on open markets due to a successful presale that has already begun. The MEMAG presale event is going great, and investors should certainly consider it when looking into investing in Bitcoin.
Fight Out (FGHT)
Fight Out is a new cryptocurrency project built on the best Move-to-Earn fitness program available. Users may download the app and collect REPS, or “in-app tokens,” for each workout. Fight Out (FGHT) is throwing light on the large fitness business by creating innovative software that compensates users for living a healthier lifestyle and participating in activities.
Fight Out uses individual avatars to track your real-life workouts and display your progress toward your goals. This straightforward visual representation of your progress encourages users to return for more. The FGHT presale has been a huge success, raising a whopping $3.77 million so far.
This demonstrates how enthusiastic investors are about the project, with the presale selling out swiftly in recent months. Another price increase is on the way, so act immediately or risk missing out.
C+ Charge (CCHG)
C+ Charge is yet another new cryptocurrency network whose CCHG token holders will become extremely wealthy in the future years. The platform is designed for owners of electric cars (EVs), and as that sector of the economy grows, C+ Charge is expected to skyrocket in the coming years. In other words, driving or charging an electric vehicle earns you carbon credits. These credits can then be converted into native CCHG tokens and used to pay for EV charging at stations worldwide.
This incredible new green cryptocurrency initiative is presently in pre-sale, but it will sell out rapidly. It has now raised more than $538,000, and the first CEX launch is scheduled on March 31.
- Bitcoin Price Prediction as BTC Fails to Hold $23,500 – Here’s Where BTC is Headed Next
- Bitcoin Price Prediction as $35 Billion Trading Volume Comes In – Can BTC Hit a New All-Time High in 2023?
- Bitcoin Price Prediction as Fed Interest Rate Decision is Revealed – New Bull Market Starting?
Fight Out - Next 100x Move to Earn Crypto
- Backed by LBank Labs, Transak
- Earn Rewards for Working Out
- Level Up and Compete in the Metaverse
- Presale Live Now - $4M+ Raised
- Real-World Community, Gym Chain
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