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Bitcoin Price Prediction – Here’s Why Bitcoin is Rallying and How Far BTC Can Go This Week

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author imageArslan Butt Last updated:

BTC

Bitcoin price prediction turned bullish above $17,250 on January 9, and it is now heading north toward the next resistance level of $17,400 or $17,550. Following news that the United States had recently reported the lowest unemployment rates, Bitcoin (BTC), the world’s largest cryptocurrency, continued to rise and surpassed the $17,000 mark for the first time this year.

It could signal a market trend reversal if Bitcoin can hold its current position. With a 3% increase in total market capitalization, the global cryptocurrency market began on a high note in the second week of 2023. As a result of the positive US jobs report showing the lowest unemployment rate since the epidemic, Bitcoin reached $17,000 for the first time in 2023.

The positive job data, on the other hand, suggests that the Fed may refrain from raising interest rates aggressively at its next meeting in February, which could benefit the global cryptocurrency market.

The global cryptocurrency market began the second week of 2023 on a high note, with a 3% increase in global market valuation. This occurred after Bitcoin, the world’s largest cryptocurrency, gained traction and rose above the $17,000 mark on the day. In contrast, Ethereum was trading above $1,300.

In fact, several cryptocurrencies, including Cardano and Solana, have gained more than 20% in the last 24 hours. If the current trend continues, the cryptocurrency market may regain some ground. This comes ahead of the Federal Reserve Chairman’s speech in the United States on Tuesday, which will provide additional insight into interest rates.

The US jobs data, which revealed the lowest unemployment rate, acted as a catalyst for the global cryptocurrency market to turn bullish. As a result, the strong US job data will almost certainly influence the Fed’s decision to avoid an aggressive rate hike at its upcoming February meeting, which would benefit the global cryptocurrency market.

Weaker US Dollar Drives an Uptrend in BTC

Another important factor that has aided the Bitcoin coin is a weaker US dollar, which has fallen as a result of rising bets that the Federal Reserve will slow the pace of its rate hikes.

The broad US dollar fell on the day, approaching its lowest level in seven months, as data suggested the Federal Reserve would pause its rate-hike path.

HIVE generated 213.8 BTC

Furthermore, the company installed 1,423 bitcoin miners and profited an additional $3.15 million. According to the company’s report, in December 2022, HIVE Blockchain built 1,423 BuzzMiner BTC miners and generated 213.8 Bitcoin (BTC), $3.15 million in revenue in addition to the BTC it created.

HIVE’s ASIC mining activities generated 212 BTC during the month, and its GPU mining operations generated an additional 1.4 BTC, according to the report. The figures show a daily average of 6.9 BTC and 113.2 BTC for each Exahash.

Bitcoin’s Energy Efficiency

Lyn Alden, a well-known BTC supporter, explained on Twitter how increased usage will make the Bitcoin (BTC) network more effective. Alden revealed Glassnode data showing that BTC mining revenue grows more slowly than BTC market value and transaction volume.

As a result, this news was regarded as one of the primary factors that limited further BTC gains.

Bitcoin Price Prediction

The current Bitcoin price is $17,350, and the 24-hour trading volume is $18 billion. Bitcoin has increased by nearly 2% in the previous 24 hours. Bitcoin is now the market leader, with a live market value of $332 billion. It has a maximum supply of 21,000,000 BTC coins and a circulating supply of 19,257,025 BTC coins.

BTC

Bitcoin is trading highly positively, with a $17,200 goal. A doji candle that closes near $17,200 implies that bulls have been spent and that sellers may enter to cause a bearish correction. A positive breakout of the $17,200 level might lead to Bitcoin’s price reaching the next resistance level of $17,400.

On the 4 hourly time frame, Bitcoin made a bullish engulfing candle, indicating that the market is in a strong bullish trend. As a result, Bitcoin might hit $17,750 in value.

BTC

On the lower side, the $17,000 level is likely to operate as immediate support, and a bearish breakthrough of this barrier can extend the downtrend until the subsequent support level of $16,800 or $16,650 is reached.

Take a Look at Other Cryptocurrencies

The three digital coins listed below, which are now in pre-sale, have already garnered investment because of their strong teams, innovative ideas, and great potential.

Fight Out (FGHT)

FightOut is a blockchain-enabled move-to-earn (M2E) software and gym chain that motivates and compensates users for being healthy and active. Fight Out also promotes community spirit in both local and online fitness networks.

The app allows members of the community to participate in challenges and receive personalized training regimens with progress tracking. Fight Out will give an engaging and gratifying approach for people to be active and healthy, encouraging the adoption of Web3 technology and creating a better society. Their FGHT coin presale has raised nearly $2.7 million.

Thanks to the collaboration of LBank Labs, Cryptonews.com, Transak, and BlockMedia Labs, who give both financial and operational support, FGHT is a wise investment right now before prices climb in its second presale stage. There is also the possibility of receiving an immediate 50% bonus.

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Dash 2 Trade (D2T)

Dash 2 Trade‘s groundbreaking capabilities promise to alter the cryptocurrency trading business. Traders will have complete visibility and control over their assets, as well as access to a dynamic community where they can receive information for thoroughly analyzing projects before investing, due to its range of tools.

The Dash 2 Trade platform is intended to help both new and experienced traders establish trading strategies and take advantage of automated trading through exchange APIs. Furthermore, its token presale ranking system will let clients feel secure investing in potential tokens before they become widely used.

The D2T presale, which is growing increasingly popular, has closed and new investors are only now being accepted. With nearly $14.8 million raised thus far, the team will be able to get off to a fantastic start and continue to improve its platform.

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  This article was written for Business 2 Community by Arslan Butt.
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Author: Arslan Butt

Arslan is a professional live webinar speaker and derivatives (cryptocurrency, forex, commodities, and indices) analyst. Arslan holds an MBA in Finance, and an MPhil in Behavioral Finance.
Arslan brings a broad range of skills to help beginners evaluate financial data and investment trends, carry out technical analysis, fundamental analysis, and …

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