Bitcoin, the world’s most popular cryptocurrency, faced a temporary dip on Tuesday as its value dropped slightly from $30,500 to $29,300. However, this decline was short-lived, and Bitcoin quickly rebounded, surging back up to the $30,000 mark and recovering from its previous losses.
This is due to the fact that investors are once again feeling optimistic about assets that retain their value, even as concerns about the banking sector have eased somewhat. Despite the recent ups and downs, Bitcoin remains a popular choice among investors who are looking for a secure and reliable way to invest their money.
Ethereum, another popular cryptocurrency, has been making significant gains against Bitcoin since the Shanghai upgrade. The value of ETH has continued to rise, and it recently touched the $2,100 mark, which is an impressive feat.
However, this sudden surge in value also faced some resistance, and Ethereum subsequently pulled back slightly to the $2,095 level.
It’s worth noting that the Shanghai upgrade was seen as a major contributing factor to Ethereum’s recent success. Hence, the upgrade has significantly improved the functionality and efficiency of the Ethereum network, making it more attractive to investors who are looking for a reliable and efficient way to invest in cryptocurrency.
China’s Q1 GDP Growth and Potential Crypto Partnerships Impact BTC Prices
China’s GDP grew by 4.5% in the first quarter of 2023, driven by an increase in consumption and retail sales as authorities easing COVID-19 restrictions. This growth surpassed the previous quarter and was the quickest in the past year.
However, the increase in GDP was attributed to a resurgence in consumption as people returned to shopping malls and restaurants. This news has had a positive impact on the overall market sentiment and may potentially lead to a rise in Bitcoin prices.
China’s growth has a big influence on global markets because it is one of the world’s largest economies. An increase in consumption and retail sales in China suggests that the demand for goods and services is on the rise, which could lead to increased demand for Bitcoin and other cryptocurrencies.
Furthermore, the potential partnership between state-affiliated banks in China and regulated crypto firms in Hong Kong also added to the positive sentiment surrounding BTC prices. The involvement of these banks suggests that China is exploring opportunities in the crypto space, despite a ban on crypto activities in mainland China.
Senator Elizabeth Warren Blames Bitcoin Mining for Rising Energy Prices, Crypto Community Disputes Claims
Senator Elizabeth Warren has blamed Bitcoin mining for causing energy prices to rise in American households. However, the crypto community disagrees, with many disputing the claims.
Bitcoin podcaster Stephan Livera and MicroStrategy founder Michael Saylor both contradicted Warren’s statement, with Saylor explaining how Bitcoin mining can actually help decrease energy bills. Some in the crypto community have tried to bring Elon Musk into the conversation, as he has been active in combating disinformation campaigns.
Thus, this was seen as negative factor that could cap further gains in the BTC prices.
The current Bitcoin price is $30,266, and the 24-hour trading volume is $19 billion. Bitcoin has increased by 2.30% in the previous 24 hours. The BTC/USD pair is trading with a bearish bias and is likely to find immediate support near the $29,200 level.
A bearish break below this $29,200 level has the potential to send BTC/USD prices toward $28,750, and an additional sell-off could push BTC down to the $28,230 level.
On the upside, the BTC/USD pair is likely to face immediate resistance near $29,800, and additional buying may lead BTC toward the $30,600 level.
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The current price of Ethereum is $2,090, with a 24-hour trading volume of $8.7 billion. In the last 24 hours, Ethereum has lost less than 0.30%. The price of Ethereum began a downward retreat from the $2,120 barrier level. ETH dipped under $2,100, but like Bitcoin, the bulls stayed bullish above $2,045.
Ether is currently trading above the $2,050 mark as well as the 100-hourly SMA. For now, the next resistance is located near $2,115.
On the H1 chart of the ETH/USD pair, a critical contracting triangle with resistance around $2,115 is building. If the ETH/USD pair fails to slice through the $2,125 resistance mark, it may fall.
On the lower side, an immediate support is near the $2,070 level and the 100-hourly simple moving average. The next key support level is about $2,050, below which the price of Ether may fall significantly.
In this case, the price might retest the $2,000 mark. Further losses could drive the price as low as $1,925.
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Top 15 Cryptocurrencies to Watch in 2023
Keep abreast of the latest ICO projects and altcoins by frequently consulting the expert-curated list of the top 15 most promising cryptocurrencies to watch in 2023, as recommended by industry specialists at Industry Talk and Cryptonews.
Disclaimer: The Industry Talk section features insights by crypto industry players and is not a part of the editorial content of Cryptonews.com.