Can BTC’s 61.8% Fibonacci Retracement Indicate a Price Rebound on Sunday?

[ad_1]

During the Asian trading session, the overall cryptocurrency market was relatively flat, with BTC holding above $23,000 and ETH bouncing above $1,550. Due to the lack of volatility, major cryptocurrencies such as Bitcoin and Ethereum are currently trading within narrow price ranges as market participants anticipate a busy week ahead.

Let’s take a look at the fundamentals of the market before we dive into the technical outlook.

Whales move millions: Are Coinbase and Binance the next big Ethereum, Bitcoin hotspots?

In the past 24 hours, three Ethereum whales have made large transfers to Binance and Coinbase. The first transfer delivered 92,170 ETH worth $150.9 million to Binance from an undisclosed wallet. Interestingly, the whale left a relatively small sum of 1,000 ETH, worth $1.6 million, in their wallet.

Another Ethereum whale followed with a transfer of 25,361 ETH worth $40.5 million from an unknown wallet to Coinbase a few hours later.

This whale practically depleted his Ethereum wallet to zero in the process. Shortly after, a third Ethereum whale abruptly transferred 15,110 ETH worth $24.3 million from an undisclosed wallet to Coinbase, depleting their bank account as well.

Not to be outdone, a big Bitcoin whale appeared next, transferring 9,475 BTC worth $219.5 million between two unknown wallets. Bitcoin does not appear to be on its way to crypto exchanges, where it could be traded on the open market.

How does this affect crypto prices?

Large transfers by whales often create ripples in the market and can be interpreted as a sign of potential price movements. Some investors may view these transfers as a positive sentiment signal, which could potentially push Bitcoin and Ethereum prices higher.

On the other hand, some investors may interpret these transfers as a sign of potential selling pressure, which could drive down the prices of these cryptocurrencies.

Week ahead: key events to watch from the US economy

Several key indicators that can affect cryptocurrency prices will be closely watched by financial markets over the coming week. CB Consumer Confidence, ISM Manufacturing PMI, Unemployment Claims and ISM Services PMI are among the indicators.

The CB Consumer Confidence Index can influence investor confidence, which can influence the demand for cryptocurrency. If consumer confidence is high, it can indicate a positive outlook for the economy and increase the demand for cryptocurrencies. The ISM Manufacturing PMI provides insight into the health of the manufacturing sector, which is a key driver of economic growth. If this indicator is strong, it may indicate that the economy is doing well, which will increase the demand for cryptocurrencies. Unemployment claims provide information about the health of the labor market, which is a vital part of the overall economy. A low unemployment rate can indicate a positive mood and increase the demand for cryptocurrencies. Finally, the ISM Services PMI provides information on the health of the services sector, which contributes significantly to the economy. If this indicator is strong, it could indicate positive sentiment and increase the demand for cryptocurrencies.Bitcoin Price

Bitcoin is currently trading at around $23,000, with a 24-hour trading volume of $18 billion and an increase of 0.50% over the past day. The immediate support level for Bitcoin is $22,800, and a break below this level by the BTC/USD pair can potentially expose BTC’s price to the next support zone at the $22,150 level.

In the 4-hour timeframe, Bitcoin made a 61.8% Fibonacci retracement at the $22,800 mark and a close above this level has the potential to drive an uptrend in BTC.

Bitcoin price chart – Source: Tradingview

On the upside, Bitcoin’s immediate resistance level remains at around $23,500. However, since the BTC/USD pair has entered the oversold zone, there is a possibility that BTC will rebound and break through the resistance level at $23,500, potentially leading to a price of $24,250.

Buy BTC now

Ethereum Price

Ethereum’s current live price sits just below $1600, and technically the ETH/USD pair is currently facing a major resistance level at $1620, which is bolstered by the EMA. of 50 days. If the pair closes below this level, it may trigger a selling trend in ETH.

Ethereum price chart – Source: Tradingview

Ethereum price is currently trading below its immediate support level of $1,570. When this level is broken, the next support for Ethereum is at $1,515. On the other hand, if the Ethereum price breaks above the $1,625 resistance level, it may rise to the $1,674 level.

The $1,740 level represents the next significant hurdle to price growth beyond this point.

Buy ETH now

Top 15 cryptocurrencies to watch in 2023

Investors in the cryptocurrency market have many options beyond Bitcoin (BTC) and Ethereum (ETH). The Cryptonews Industry Talk team has compiled a list of the top 15 altcoins to watch in 2023.

The list is regularly updated with new ICO and altcoin projects, so be sure to check back frequently for the latest additions.

Disclaimer: The Industry Talk section features information from crypto industry players and is not part of the editorial content of Cryptonews.com.

Finding the Best Price to Buy/Sell Cryptocurrency Cryptocurrency Price Tracker – Source: Cryptonews

[ad_2]