• Mon. Apr 22nd, 2024

Bitcoin Moves Up Ahead Of The United States Economic Data

Maria Bartiromo

ByMaria Bartiromo

Jul 31, 2023

Latest market update says that the two most popular cryptocurrencies, Bitcoin and Ethereum, are giving conflicting signals as the United States government prepare to deliver the significant U.S economic data this week. After falling to a low of $29,059.50 during Sunday’s trading session, BTC/USD enjoyed a slight upward increase, reaching an intraday high of $29,489.87.

The RSI (Relative Strength Index) stands at 45.97 as of the time of writing, with the price of one bitcoin circling $29,362.66. Report says that the Bitcoin bulls prevented a possible breach below the critical $29,000 mark as the RSI approached a resistance level of 46.00. Of this obstacle, the BTC is hindered from moving closer to its immediate target of $30,000.

Analysis obtained from the Bitcoin.Com platform stated that investors and traders are carefully monitoring the RSI’s movements because a break above the resistance level is a clear signal that Bitcoin’s propensity to rise is continuous.

In another analysis by Eliman Dambell, a cryptocurrency journalist, Ethereum has its own set of difficulties to overcome to make substantial advancements. At the moment, the ETH’s RSI currently tests a crucial resistance level of 48.00, which is currently tracking at 47.72. Market observers believes that Ethereum’s price needs to break past this ceiling to gather momentum and maintain its upward trend.

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The market for cryptocurrencies is anticipated to be significantly impacted by the next United States economic data release. Due to the frequent influence of economic indicators on investor emotions and market developments, traders are preparing for possible volatility.

In a more in-depth investigation into the activities of major cryptocurrencies, positive economic news might increase trust in established markets, which would decrease demand for cryptocurrencies as a refuge asset. Campbell has also hinted that bad economic news can cause a flight to safety, which would benefit cryptocurrencies like Bitcoin and Ethereum.

Governments, Industries Watch The Activity, As Market Detectors Play Out

In his market analysis on the Bitcoin.Com platform, Campbell believes that the relationship between conventional markets and cryptocurrencies is still up for dispute among other analysts and industry professionals. Some claim that as digital assets develop, they may become independent of traditional market trends and create their distinctive patterns and drivers.

Investors are also keeping a watchful eye out for any regulatory changes that can influence the cryptocurrency market. Governments worldwide are closely watching this area, since new regulation and decisions has the propensity to greatly impact the value of cryptocurrencies and the market behaviour.

Despite the short-term swings, there is still substantial debate over Bitcoin’s and Ethereum’s long-term prospects. Proponents of these digital assets highlight the decentralized character, scarcity, and potential as alternatives to established financial institutions. However, detractors highlight the inherent volatility and possible regulatory dangers of cryptocurrencies.

Ethereum, Bitcoin Makes Fluctuating Moves, Activity Heightens

A look into the Bitcoin market activity today shows that it traded at  $29,317.89 in the last 24 hours, after a total trading volume of $11,484,983,970 (a 0.12% increase), representing a 78.81% increase. Bitcoin’s market capitalization failed to reciprocate the trading volume after it closed at $568,157,944,162, signifying a 0.42% decrease.

In data obtained from the CoinMarketCap platform, BTC has maintained its ranks as the most traded cryptocurrency in the world – followed by ETH, securing the #2 spot. Bitcoin and Ethereum display conflicting signals as they approach key resistance levels on their individual RSI charts.

Meanwhile, important United States economic data will be revealed throughout the week, which will likely cause the cryptocurrency market to become more volatile. Investors and traders will actively follow market changes, regulatory developments, and global economic data in this rapidly changing environment.

Data from CoinMarketCap also has it that Ethereum, on the other hand, traded at $1,860.66 as of the time of writing, with a trading volume of  $5,165,719,278, with a 0.88% decrease in the last 24 hours. Its market capitalization closed at $223,611,153,898 after a 0.05% increase.

Maria Bartiromo

Maria Bartiromo

Maria Bartiromo is a renowned news writer and journalist, celebrated for her insightful reporting and authoritative voice. With a career spanning years, she has established herself as a trusted source of accurate and comprehensive news analysis, keeping readers informed on vital global developments.

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