Bitcoin Price and Ethereum Prediction: Can BTC and ETH Bounce Back From Double Bottom Support Levels?
Crypto markets have seen huge swings over the past few weeks, with Bitcoin and Ethereum prices suddenly increasing and decreasing. This has been a turbulent time for investors in the digital currency space.
On Monday, Bitcoin (BTC) saw its value plummet to below $23,000 as investors waited to hear from Jerome Powell, Federal Reserve Chairman. Other digital assets, such as Ethereum, were also flat, with BTC falling by 2.05% and ETH dropping by 2.36%.
The major influencers in the cost of Bitcoin and other assets were an increase in fear surrounding the pandemic and a choppy crypto market. The combination of these elements has resulted in heightened trading activity with digital currencies.
The US dollar's bullishness has had a considerable impact on the crypto space, adding to the crypto market's struggles and causing a cessation of the crypto boom.
Recently, many negative factors have led to a decline in the cryptocurrency market. These include heightened worries about potential currency tightening and resistance from Sri Lanka against the use of bitcoin.
Moving forward, traders are being extra cautious when it comes to investing due to the upcoming conversation between Federal Reserve Chairman Jerome Powell and the Economic Club of Washington D.C on Tuesday. The conversation is expected to provide investors with new insights into the economic landscape. Close attention will be paid to comments regarding the inflation path and the most recent labor figures.
The global crypto market failed to sustain its previous week's upward rally and turned bearish on Monday. The BTC prices decreased by 2.5% as the labor market report determined that US job opportunities had grown more than expected in January.
This created uncertainty
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