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

Bitcoin and Ethereum Price Prediction | US Nonfarm Payroll Under the Spotlight Today

4 min reading

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

Bitcoin and Ethereum Price Prediction | US Nonfarm Payroll Under the Spotlight Today

Powered by Froala Editor

During the Asian session, the price of Bitcoin largely stayed steady, resting in a constrained range between $16,750 and $16,950. The second-largest cryptocurrency, Ethereum, also failed to maintain its position above $1,260 and dropped down into the $1,250 trading region.

Major cryptocurrencies went into the red early on January 6 as the market valuation of all cryptocurrencies declined by 0.32% to $817.65 billion from the day before. The total volume of the cryptocurrency market increased 22.94% on the previous day to $27.22 billion.

The $1.90 billion total volume of DeFi at this time represents 7% of the 24-hour volume of the whole crypto market. Currently, the total 24-hour volume of the cryptocurrency market is $26.09 billion, or 95.87% of the total volume of all stablecoins.

US Nonfarm Payroll Under the Spotlight Today

The US economy unexpectedly added 263K jobs in November 2022 after adding a higher-than-expected 284K in October. The rate of job growth has dropped to its lowest level since April of last year as the economy recovers from the shock of the pandemic. The fact that it is higher than the pre-pandemic average of 150,000 to 200,000 monthly job increases indicates that the labor market is still robust and competitive.

 

Source - Tradingeconomics

The Federal Reserve's monetary policy actions and the extent to which the labor market is tight will be revealed by the December nonfarm payrolls data, which will also offer fresh information on these topics.

According to economists' predictions, 200K new jobs were created in December, while the unemployment rate stayed at 3.7%, which is close to a 50-year low. In March and April, 22 million jobs were lost due to the epidemic's impact on the US economy.

Source - Twitter

Since that time, job growth has continued to exceed pre-pandemic levels. From 2022 through November, there were 392K more people on the total nonfarm payroll than there were in 2021 (562K). In contrast, the average monthly job gain in the final three months of 2019 was 184K.

Bitcoin Price

Bitcoin has seen a $13 billion trade volume over the previous 24 hours and is currently trading at $16,800. Bitcoin was unable to surpass the $16,930 double-top resistance level, which means that if it closes below that level, it will fall to the $16,775 support area. BTC is up due to an upward channel on the 4-hour time frame, thus a closing over $16,775 could cause a pullback.

 

Source - CoinMarketCap


Ethereum Price

Ethereum's price at the moment is $1,247, and its 24-hour trading volume is $3.8 billion. The Doji candle closing below this level suggests that the positive trend for the ETH/USD pair is weaker because it has been difficult to break above $1,260.

The next support level is probably at $1,230, which corresponds to the 61.8% Fibonacci retracement, and as a result, ETH may decline to $1,245 to complete the 38.2% Fibonacci retracement.


Source - CoinMarketCap

 ALSO READ - US ADP Non-Farm Employment Change in Focus 

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 TradingSignals.ai (www.TradingSignals.ai). 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 news.tradingsignals.ai/news/pl website (hereinafter referred to as the "Website" or "Service"). The administrator of the Website is TradingSignals.ai 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.