Bitcoin Price and Ethereum Prediction – Here’s Why the US NFP Could Boost BTC by 10% Today
On November 4, Bitcoin price consolidates in a narrow trading range of $20,000 to $20,400, ahead of the US payroll and US unemployment. Similarly, the price of Ethereum is stable, swinging between profit and loss near $1,548 as investors wait for the big event before placing bets.
Major cryptocurrencies traded mixed early on November 4, with the global crypto market up 0.17% to $1.01 trillion the previous day. In contrast, the total crypto market volume fell 22% in the last 24 hours to $79 billion.
The total volume in DeFi was $5.67 billion, accounting for 7% of the entire 24-hour volume in the crypto market. The entire volume of stablecoins was $72 billion, accounting for 91% of the total 24-hour volume of the crypto market.
For now, the market will look forward to the announcement of the US non-farm payrolls number on November 4.
Crypto Market Recovers Despite Hawkish FOMC and Fed Rate Hike
Following the Fed’s rate hike announcement, the crypto market fell dramatically, although the losses were short-lived as most coins rallied ahead of FOMC trading levels.
The Fed was widely expected to raise interest rates by 75 basis points, and much of that was already factored in, reducing the crypto market’s losses.
The conflicting message left room for further rate hikes if inflation did not begin to ease, while leaving the door open for future rate hikes of smaller magnitude.
This could indicate that the Federal Reserve will end its cycle of quarter-point hikes in December and instead move toward a more steady increase, perhaps of half a percentage point.
Nonfarm payrolls and unemployment in the United States
US non-farm payrolls: According to the United States Bureau of Labor Statisticsthe increase of 263,000 in September 2022 was the lowest since April 2021. But it was still higher than the 250,000 figure predicted by the market.
The manufacturing sector added the most recent jobs (50K), followed by healthcare (60K), professional and commercial services (46K), and the leisure and hospitality sector (83K) (22K).
As rising interest rates and prices began to weigh on the economy, the reading fell from an average of 439K in the first eight months of the year. Employment is still about 500,000 higher than it was before the outbreak, indicating a tight labor market.
Unemployment: In a further indication that labor market conditions in the world’s largest economy are tight, the US unemployment rate fell to 3.5% in September 2022, matching July’s 29-month low and staying below market forecasts of 3.75%.
Unemployment fell by 261,000 to 5.75 million in September, while the labor force grew by 204 thousand to 158.9 million. The proportion of the population actively looking for work fell to 62.3% from 62.4%.
Here’s why the US NFP could boost BTC by 10% today
Because the US unemployment rate is expected to rise from 3.5% to 3.6%, and the US economy is expected to produce fewer jobs (around 197,000 vs. 263,000 last month), Bitcoin may recover today.
Bitcoin price
The current Bitcoin price is $20,369, with a 24-hour trading volume of $42 billion. During the Asian session, Bitcoin gained less than 0.50%. It currently ranks first on CoinMarketCap, with a live market cap of $390 billion, which is largely unchanged from yesterday’s figure.
The BTC/USD pair is currently trading positive after recovering from a key support level of $20,000 (psychological level). Closing candles above this level most likely indicates that the uptrend in BTC will continue.
On the 4-hour time frame, Bitcoin has formed a descending triangle pattern, which is likely to support Bitcoin near $20,000 while providing immediate resistance at $20,400.
An increase in BTC demand could cut through the $20,400 resistance level, opening the way to the $20,700 and $21,000 resistance levels.
However, because the MACD and RSI are still in the sell zone, investors should consider remaining bearish below $20,400/$20,500. According to this, BTC may find support at $20,000, and a breach of this may open further selling at $19,700 or $19,400.
Ethereum price
Ethereum’s current price is $1,552, with a 24-hour trading volume of $13 billion, down from $24 yesterday. Over the past seven days, Ethereum has risen almost 3%.
Ethereum is now ranked second on CoinMarketCap, with a live market cap of $189 billion, down from $190 billion yesterday.
The ETH/USD pair bounced off the $1,500 support level on Friday, which is being extended by the symmetrical triangle pattern.
Ether’s immediate resistance remains at $1,560, which is extended by a 50-day moving average. A bullish breakout of a symmetrical triangle could take ETH to $1625 or $1660.
On the downside, closing candles below $1,500 could push ETH to $1,480 or $1,404 today.
New crypto pre-sale
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Dash 2 Trade (D2T) will be listed on the LBANK Exchange following the completion of the second of nine pre-sale phases. Dash 2 Trade, a cutting-edge dashboard and intelligence platform is scheduled for release in the first quarter of 2023.
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