BTC and ETH rise over 6% ahead of manufacturing and services PMI numbers

by James · March 24, 2023

Bitcoin and Ethereum have seen increases of over 6% in their respective values ahead of the release of the Manufacturing and Services PMI numbers. While investors await the results of these economic indicators, both cryptocurrencies have experienced upward movement in prices.

Bitcoin, the world’s largest cryptocurrency, has managed to stop its downward rally and pulled in some new bids around the $28k level, registering a gain of 2.63% in the last 24 hours, while Ethereum has also regained the $1,800 mark.

Other popular altcoins such as Dogecoin, Ripple, Solana and Litecoin have also experienced significant gains on the day.

Although BTC lost some of its gains yesterday as the Federal Reserve raised interest rates, which tends to make investing in Bitcoin less attractive.

This is because rising interest rates can make the US currency more attractive, encouraging consumers to sell Bitcoin and other cryptocurrencies in favor of the dollar.

Interestingly, the losses in BTC prices were short-lived and temporary, as renewed interest in digital asset futures and options led to a recovery in cryptocurrency values.

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Renewed interest in cryptocurrency futures and options is driving up Bitcoin prices

There have been reports showing renewed interest in cryptocurrency futures and options, resulting in an increase in digital asset values and an increase in derivatives trading volumes.

As a result, the number of open Bitcoin options contracts has reached an all-time high. This has led to an “incredible increase” in Bitcoin open interest, which some investors interpret as a sign of potential new entrants.

Derivatives trading platform Deribit has observed an increase in interest, which is partly due to instability in traditional financial institutions. This renewed interest in the digital asset market has seen the largest token, Bitcoin, rise roughly 70% since the beginning of the year.

This news has had a positive influence on Bitcoin prices, which are expected to rise further as open contracts and interest rates increase.

Furthermore, the higher trading volumes in derivatives trading compared to spot trading suggest that investors are more interested in speculating on Bitcoin values than holding them as a long-term investment. As a result of this news, BTC prices are likely to rise in the short term, especially if more new entrants enter the market.

Bitcoin bounces back despite regulatory concerns and interest rate hikes

Despite concerns about regulatory changes and a recent interest rate hike by the US Federal Reserve, Bitcoin has seen a 3.8 percent increase in value over the past 24 hours. This has resulted in a general upward trend in the cryptocurrency market.

Bitcoin’s value has risen by 22% in just one month and more than 65% since the beginning of the year. The fact that Bitcoin has been able to withstand government pressure and financial instability is a testament to its resilience and power in the crypto market.

This is important news for Bitcoin investors as it indicates that the cryptocurrency may continue to rise and stabilize. Moreover, the current bullish trend in the cryptocurrency market may attract new investors to enter the industry.

Bitcoin price

The current Bitcoin price is $28,327, and the 24-hour trading volume is $23.4 billion. Bitcoin has increased by 2.5% in the last 24 hours. As of Friday, the BTC/USD pair is consolidating around the $28,000 mark, having passed the $27,750 resistance level. If this upward trend persists, Bitcoin’s value has the potential to reach anywhere between $29,250 and $30,700.

In case Bitcoin falls below the support levels of $26,700 or $25,200, the next support level can be found at $23,150.

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Ethereum price

The current price of Ethereum is $1,812, with a 24-hour trading volume of $11 billion. In the last 24 hours, Ethereum has risen 3.60%.

Currently, Ethereum is struggling to surpass the $1,800 resistance level and is steadily trading near the $1,700 support zone.

If the ETH/USD pair manages to break the $1800 level, it is expected to face resistance at the $1900 mark.

Ethereum Price Chart – Source: Tradingview

The ETH/USD pair is predicted to discover support levels at either $1700 or $1620.

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Cryptocurrencies to watch in 2023

You can check out Cryptonews’ Industry Talk team’s carefully selected list of the top 15 altcoins to watch in 2023. This list is regularly updated with new ICO projects and altcoins, so be sure to check back often for the latest updates.

^{Disclaimer: The Industry Talk section contains insights from crypto industry players and is not part of the editorial content of Cryptonews.com.}