Bitcoin and Ethereum Price Prediction | Weaker US Wage Growth Triggers Upside Moves
Powered by Froala Editor
In line with the bullish price forecast, Bitcoin increased by almost 1.5% to $17,223 on January 9. Similarly, during Monday's Asian session, Ethereum, the second-largest cryptocurrency, surged over 3.50% to $1,310.
One of the biggest Bitcoin mining operations in North America, Marathon Digital Holdings, disclosed in an update that it has been experimenting with overclocking to strengthen its competitive position in the BTC mining market.
The process of overclocking involves boosting a computer's CPU or GPU clock speed above the manufacturer's maximum speed recommendation. It might result in better performance in some areas.
In a press release on January 5, Marathon stated that had mined 475 BTC in December 2022, raising its total for the fiscal year 2022 to 4,144 BTC. It is an increase of 30% compared to the 3,197 BTC generated in 2021.
The company now has over 69,000 active miners with a capacity of about 7 exahashes per second, according to its most recent update. The partnership between Marathon Digital and Silvergate Bank, a provider of banking and liquidity solutions to the digital currency market, has been a key factor in the company's success in the Bitcoin market. The BTC/USD price will benefit from this as well.
Weaker US Wage Growth Triggers Upside Moves
Government statistics made public on January 6 show that the economy created more jobs than forecasted by analysts in December. Earnings growth for employees has just slowed down. The Federal Reserve's initiative to battle inflation by raising interest rates is cooling the economy, as seen by the fact that the rate of wage growth dropped in December compared to the previous month.
The country added 223,000 jobs in December, down from 256,000 the month prior, according to the labor department. Following a reduction, the unemployment rate dropped from 3.6% to 3.5%. Wall Street economists expected the world's largest economy to create 200,000 new jobs last month and for the unemployment rate to stay at 3.7%.
Moreover, after accounting for the season, the average hourly compensation for workers increased by 4.6% compared to 4.8% the previous month. The market's top cryptocurrency is now on the rise after benefiting from optimistic job figures in the United States. BTC/USD is currently trading below its recent highs, although the value of the cryptocurrency has increased significantly.
With a $14 billion trading volume over the past 24 hours, bitcoin is currently trading at $17,200 mark. Bitcoin is currently trading extremely positive, with a target price of $17,200. When a doji candle closes close to $17,200, it means that bulls have run out of steam and that sellers may now enter to bring about a bearish correction. The next resistance level, $17,400, can be reached by the price of bitcoin if there is a positive breakout of the $17,200 level.
Ethereum currently has a price of $1,316 and a $5.8 billion 24-hour trading volume. The ETH/USD pair is encountering significant resistance on the 4-hour timeframe close to the $1,320 level, which is stretched by a double top formation.
ALSO READ - US Nonfarm Payroll Under the Spotlight