Make at least 50.000$ monthly trading crypto Follow professional Trading signals for FREE. I'm going in!

Bitcoin and Ethereum Price Prediction | BTC Network's Mining Difficulty Rises to All-Time High

3 min reading

Start making MONEY trading crypto! Follow professional Trading signals for FREE >>> JOIN

Bitcoin and Ethereum Price Prediction | BTC Network's Mining Difficulty Rises to All-Time High

Powered by Froala Editor

Bitcoin (BTC) and Ethereum (ETH), the world's two most popular digital currencies, continued their long upward trend and broke through highs of $21,000 and $1,500, respectively. The Bitcoin network's mining difficulty has recently achieved an all-time high, making it more difficult for miners to profit.

This increase in difficulty may affect the price of Bitcoin and Ethereum by reducing the profitability of mining these digital coins.

Over the weekend, the total market value of all crypto assets surpassed $1 trillion for the first time since the FTX crash in November 2020. This is a significant achievement that demonstrates how far digital currencies have progressed.

Source - Twitter

So far, the cryptocurrency market has had a fantastic year, with the value of most major coins soaring considerably. Other digital currencies performing well include Dogecoin (DOGE), Litecoin (LTC), and Ripple (XRP).

What supports Bitcoin and Ethereum?

Although there have been claims of improved macroeconomic conditions, this may not be the main factor driving up Bitcoin prices. However, the rise of the stock market, decreasing inflation, and low interest rates aided the world's two most renowned digital currencies, Bitcoin (BTC) and Ethereum (ETH).

Because the Consumer Price Index (CPI) shows that inflation is dropping, the market anticipates that the Federal Reserve's rate hike pace will slow.

Source - Twitter

The fact that the United States' central banks have successfully decreased inflation while keeping the economy from entering a recession is obvious proof that bulls have returned to the market. The current market trend is projected to continue if macroeconomic conditions stay good.

Bitcoin Price

Bitcoin's price increased to $21,100 mark on Monday. Its immediate resistance is at $21,350, and a bullish breakout could drive the price to $22,850.

Furthermore, Bitcoin may see significant resistance near $24,500. The formation of "three white soldiers" indicates the probability of a continuation of the uptrend. On the downside, Bitcoin might find immediate support around $21,000 or $20,500.

Source - CoinMarketCap

Ethereum Price

The value of Ethereum has recently increased, with the major support level set at $1,500 mark. Closing daily candles over $1,500 exposes the price to the next resistance area of $1,660.

After breaking out of the symmetrical triangular pattern to the upside, Ethereum, like Bitcoin, developed a "three white soldiers" and a bullish engulfing candle. All of these technical indicators indicate that investors have a strong bullish bias.

Source - CoinMarketCap

ALSO READ - UoM Consumer Sentiment on the Docket

Currency Exchange rate Buy cryptocurrency

TradingSignals News
Start making MONEY trading crypto! Follow professional Trading signals for FREE >>> JOIN

Dear customer,

We use cookies to provide our services correctly and safely. Cookies are small text-based data sets that shall be saved on the device you are using in connection with the use of this instnat website. Cookies are created in order to ensure proper functioning of thes instant website. By clicking the button "I accept and go to the website", you implicitly agree to creation of the cookies on your computer and to deploy automatic tracking and data collection and processing on behalf of the ( Click the above-captioned button is also tantamount to accepting website's privacy policy. Closing the notification by means of "X" is unequivocally connected with your consent. If you do not agree to any of the above, please discontinue using our Website.

“Cookies” shall make an identification of the software used by you and to customization of this instant website to your needs. Cookies contain the name of the domain from which they origin, duration of period of their storage on your computer and an assigned value.

Third party cookies:
We also use third-party cookies for the following purposes:

  • creating statistics - helping to understand the way Users use the Website, which allows to improve its structure and content with use of the analytical tools
  • defining a user profile - in order to display custom-tailored content in advertising networks.

External entities that might be source of any third-party cookies on this instant Website are as follows:

Using a settings of your web browser or by using pre-set configuration tools available in our service you can independently and at any time change the settings concerning your use of the “cookies”, specifying the conditionsof their storage and how your device is creating and downloading them. These settings can be changed to block the automatic handling of cookies in the settings of your web browser or inform about their placement on your device each time.

Detailed information about the options related to use of “cookies” is available in the settings of your software (web browser).

Service privacy policy

This instant document lays out the principles of the Privacy Policy on the website (hereinafter referred to as the "Website" or "Service"). The administrator of the Website is c/o Fintech Labs Global Solutions, Unit 303, Ile Du Port, Mahe, Seychelles

The full document to read the TradingSignals privacy policy is available in this document.

Advanced settings can be changed in your browser.