Bitcoin has seen a significant pullback over the past few days, causing many investors to question where the next buy zone is. By using price prediction models and technical analysis, investors can get an idea of where Bitcoin might be headed in the near future.
On February 3, despite the release of exceptionally better-than-expected US Nonfarm employment figures, the leading cryptocurrency Bitcoin consolidated in a narrow range of $23,300 to $23,750.
US Job Growth in January far Exceeded Expectations, with 517K New Jobs
At the beginning of 2023, the job market looked incredibly positive due to an impressive increase in nonfarm payrolls compared to July 2022. According to a Labor Department report on Friday, January’s nonfarm payrolls experienced an increase of 517,000, which was higher than the Dow Jones forecast of 187,000 and December’s gain of 260,000.
According to Michelle Meyer, the chief U.S. economist of the Mastercard Economics Institute, the report was “phenomenal”. This raises questions regarding how job growth can be maintained in light of certain economic instability.
It is evident that there is an enormous need for workers in many industries during this time. Companies have been exerting efforts to make sure their staffing levels are adequate for current business needs.
Statistics show that the unemployment rate has reached its lowest level since May 1969, at 3.4% compared to the estimated 3.6%. Additionally, the labor force participation rate increased to 62.4%.
The official unemployment rate rose to 6.6% in June, however when including those with part-time jobs for economic reasons or those who are discouraged about their job prospects the rate rises to 8.9%.
According to the Labor Department’s household survey, the number of unemployed people rose by a significant 894,000 in June.
The value of Bitcoin is currently at $23,572 and has an impressive 24-hour trading volume of $30 billion. Over the last 24 hours, the cryptocurrency has experienced a slight dip of 1%. It holds the number one spot on CoinMarketCap’s rankings with a total market capitalization of $454 billion. The total amount of Bitcoin tokens in circulation is 19,280,543 and the maximum supply that can ever exist is 21,000,000.
On the 4-hour timeframe, Bitcoin has bounced off the support level of 50 days moving to the 23,300 level. On the upside, a breakout above the $23,300 level can expose BTC price toward $24,00 or $24,550.
On the downside, Bitcoin’s immediate support is at $22,500, and a further decline below this level might expose it to $21,550.
Currently, Ethereum is trading at the price of $1,660 with a 24-hour trading volume of almost $9.8 million. In the past day, it has seen a decrease of 0.85%. According to CoinMarketCap’s current ranking, Ethereum holds the second spot with a live market capitalization of over $203 billion.
On the 4-hour timeframe, the ETH/USD pair has formed a bullish engulfing, which is signaling chances of a bullish trend continuation in ETH.
If Ethereum’s price manages to break through the resistance at the $1,680 level, it could potentially move toward $1,750. In addition, if it falls below $1,600 then a bearish trend may dominate and lead its price down to around $1,560.
3 Coins To Look Out For During Presale
The cryptocurrency market has seen a steady growth over time. Taking up presale coins is sometimes seen as a viable option for investors seeking to capitalize on the success of a new project. Though there are potential rewards, one should also consider the associated risks before making an investment.
It is beneficial to keep an eye out for certain coins during the presale. Here are three such coins that may be worth considering.
Fight Out (FGHT)
Fight Out is an easy and low-cost way to stay active. You can receive experienced personal training services at a low cost by purchasing FightOut tokens. This means that even those on a restricted budget can benefit from exercise.
Despite Move2Earn’s extensive feature set, their ability to assess physical and mental fitness, as well as their NFT Avatar and social competition component, set them apart from other M2E programs.
Fight Out’s real-time performance tracking allows users to measure and track their progress in strength, cardiovascular endurance, and other areas.
Investors prefer the $FGHT cryptocurrency from Fight Out because it has a strong idea and large presale incentives ranging from 50% to 100%, depending on the amount invested. More than $3.8 million has already been raised.
C+Charge is creating a revolutionary online payment solution for electric vehicle (EV) owners. Users will be able to trade in their initial charge for credits that may be used to buy carbon credits. The ultimate goal is to significantly reduce greenhouse gas emissions caused by automobile driving.
Given its genuinely game-changing potential, this technology has the potential to completely disrupt the carbon credit market. This allows a wider spectrum of businesses to join while also adding value to them.
VCMs are expected to be worth $100 billion by 2030, making them an intriguing investment possibility for corporations. C+Charge’s presale raised about $616,000, demonstrating the tremendous demand for VCMs.
Meta Masters Guild (MEMAG)
In just a few days, the Meta Masters Guild has gone from $200,000 to a whooping $2.7 million. This significant growth implies that the public has a high level of trust in the company’s potential to prosper and produce profits in the future. Meta Masters Guild will release its first mobile game in the third quarter of 2023.
The MEMAG network has been operational for some time and allows users to produce and manage their own coins as well as trade on the open market. They are also working on games in which participants can earn rewards, as well as games powered by Web3, an Ethereum-compatible technology.
Investing in MEMAG currently begins with the purchase of $10 in MEMAG tokens. You will receive one token for one cent if you engage in the presale; early investors will have a limited window of chance to participate.