As we enter a pivotal week for the cryptocurrency markets, the prices of Bitcoin and Ethereum are in focus, with the U.S. non-farm payrolls report in the spotlight for investors.
The potential impact of this economic data release could affect the movement of major cryptocurrencies as market participants closely monitor developments.
Cryptocurrency fundamentals outlook
Bitcoin, the world’s largest cryptocurrency, along with Ethereum, has been unable to sustain its upward momentum and has lost some of its value, falling below the $28,000 and $1,800 levels. Investors are eagerly awaiting the release of two important U.S. economic indicators – employment and productivity data, which are expected to be released soon.
Therefore, these indicators, combined with other macroeconomic factors such as inflation, banking turmoil, and regulatory developments, could impact BTC prices in the coming days.
On the other hand, Ethereum developers are eagerly awaiting the upcoming Shanghai upgrade on April 12 as it marks an important milestone in Ethereum’s development.
The upgrade marks Ethereum’s full transition to a proof-of-stake (PoS) consensus mechanism, designed to enhance network security, efficiency, and scalability. The advancement is expected to help ETH gain significant price traction.
Risk-off sentiment in the crypto market
Global cryptocurrency markets have performed strongly in the past few weeks, with one factor being growing investor confidence in Bitcoin.
They began to see BTC as a safe alternative to traditional banking methods. This sentiment was mainly driven by the collapse of several banks, including Silicon Valley Bank, Silvergate Capital, and Signature Bank.
However, the recent surge in global markets appears to be losing steam, falling to $1.16 trillion at the time of writing, down 2.30% over the past 24 hours.
Bitcoin (BTC) and Ethereum (ETH), two of the world’s most popular cryptocurrencies, were unable to maintain previous gains, falling to around $27,000 and $1,700 levels, respectively, early Monday.
Additionally, other major cryptocurrencies such as Dogecoin (DOGE), Ripple (XRP), Solana (SOL), and Litecoin (LTC) also experienced significant losses on the day.
BTC price rally loses steam as investors anticipate U.S. economic indicators
Bitcoin’s price surge appears to have slowed as traders exercise caution in placing large bids. This may be due to the upcoming release of two key economic indicators from the United States, namely employment and productivity data.
While investors await this data, they may keep an eye on other macroeconomic issues that could impact the Bitcoin market, such as inflation, financial turmoil, and regulatory shifts. These factors could cause large swings in the value of BTC and other cryptocurrencies.
Bitcoin Price
The current Bitcoin price is $27,679 with a 24-hour trading volume of $13.5 billion. In the past 24 hours, Bitcoin is down 2.79%.
The BTC/USD pair is trading in a neutral range on Monday, maintaining a limited window between $27,600 and $28,900. Investors are looking for a strong fundamental catalyst to break out of this particular trading range.
On the upside, a breakout above $28,250 could propel BTC to the next immediate resistance at $28,900. Conversely, the immediate support for BTC is located at the $27,600 mark.
Key technical indicators such as RSI and MACD have fallen below their mid-levels (50 and 0, respectively), indicating a selling bias among investors.
Therefore, a breakout of the $27,600–$28,900 trading range will determine further price action.
Ethereum Price
Ethereum is currently priced at $1,778 with a 24-hour trading volume of $6.5 billion. Ethereum is down nearly 2% in the past 24 hours. The ETH/USD pair continues to trade in a wide range, fluctuating between $1,750 and $1,850.
Ethereum is currently struggling to break the $1,850 resistance and has been trading near the $1,750 support level.
If the ETH/USD pair manages to break above the $1,850 mark, it is expected to face resistance at $1,940. Support for the ETH/USD pair is expected at $1,700 or $1,620.