Bitcoin Prices and Ethereum Prediction; Could The Weekend See BTC & ETH Breakout?
Bitcoin and Ethereum prices have been steady despite experiencing significant volatility in the past few weeks. Bitcoin is maintaining a narrow range between $22,350 and $23,350, while Ethereum is trading choppily within a tight range of $1,550 to $1,630.
As we enter the weekend, many investors are wondering if this could be the time for a breakout.
The answer to this question lies in the analysis of Bitcoin and Ethereum prices over recent days. By looking at the historical trends of these two leading cryptocurrencies, investors can get an idea of whether or not this weekend could see BTC & ETH break out from their current ranges.
Furthermore, by understanding the underlying factors that influence Bitcoin and Ethereum prices, investors can make informed decisions about their investments.
A cryptocurrency bullish rally was sparked by the previously released Personal Consumption Expenditures (PCE) report, which showed a slowdown in inflation at the end of last year.
As a result, traders expect the FOMC to raise interest rates by 25 basis points (or 0.25 percentage points) at its February meeting. If the Fed maintains its hawkish stance, Bitcoin (BTC-USD) may suffer.
The recent US inflation print, on the other hand, served as a confirmation signal for investors to buy Bitcoin and other cryptocurrencies.
Furthermore, increased institutional investors in the United States were responsible for rising Bitcoin prices.
Since early 2023, there have been numerous developments in the cryptocurrency space that have been helping to support and drive the crypto market. On 26th January, the New York State Senate introduced a bill allowing government establishments to accept cryptocurrency as an official form of payment.
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