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