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The decline of Bitcoin over the last few days has sparked worries among investors and traders. When writing, the world’s leading cryptocurrency is down by 1.44%, leaving the asset’s value at $21,704. However, the non-farm payroll data for February can be the booster.
Once the stock market records a positive trend reversal, Bitcoin price is likely to experience a rally, thanks to the correlation between the cryptocurrency market and the US stock market. Nevertheless, Bitcoin’s long-term prediction and analysis can indicate its future price action.
Bitcoin Price Trend
Bitcoin started trading at $16,547 on January 1, 2023 and climbed to $17,093 in 9 days (January 9, 2023). Despite the unavoidable fluctuations, it kept pushing till it reached $24,640 on February 19, 2023.
BTC enjoyed several rallies throughout the remaining days of February until March 4, 2023, where it dropped to $22,363. Since the bulls have been unable to lead the market again, causing the cryptocurrency to decline more.
As of today, March 9, 2023, BTC is down by 1.27% at the time of writing and is trading at $21,711.14. Today, the coin has recorded a 3-week low following the Silvergate recent collapse and its inevitable contagion.
Bitcoin Price Prediction
BTC’s trend in the past few days shows investors’ fear of the crypto market. As of today, March 9, it’s down by 2.09%, trading at $21.588. The candlestick sizes indicate fewer trading activities than in the last 7 days. The asset’s Fear and Greed Index indicates FEAR at 44, leading BTC to an alarming decline since its growth in January 2023.
Bitcoin has dropped below its 50-day Simple Moving Average (SMA), indicating that the short-term sentiment for the asset is bearish. While maintaining a sideways movement, the Relative Strength Index (RSI) is at 37.54, indicating that the trend is moving close to the oversold region of 30.
Bitcoin’s Moving Average Convergence/Divergence (MACD) is expressing a bearish sentiment as it has crossed below its signal line. The negative values of the MACD confirm the current price decline for the crypto.
On the other hand, BTC is trading above its 200-day SMA, which expresses a long-term bullish sentiment. The expression means the price will likely recover slowly in the coming weeks.
BTC support levels are $21,575, $21,626, and $21,646; the resistance levels are $22,004, $22,009, and $22,671. Bitcoin is trading a few percentages in points below the $22,009 resistance. However, it may experience difficulties in recovery due to its insufficient price momentum. Thus, BTC will likely face more bearish pressure in the coming days.
Cryptocurrency prices are usually unstable and can change from predicted price action. Thus, comprehensive technical analysis and risk management practices are vital before investing.
Factors Influencing Bitcoin Price
The general adoption of BTC as a payment option can positively affect the crypto’s price. However, there are some positive and negative events with a significant impact on the price actions and performance of the cryptocurrency.
Non-Farm Payrolls Increase
Bitcoin’s price reacted to the United States Non-Farm Payrolls (NFP) and unemployment rate data. According to the Bureau of Labor Statistics of the United States, the 517K job increase in January 2023 was beyond the market estimation of 185K. The figure does not include private household workers, general government workers, non-profit organization workers, and farm workers.
Non-farm payrolls added a cracking 517,000 jobs in January, well above market expectations of +190k.
This is a breathtaking number.
That spike in stories about layoffs? It was about a small unrepresentative slice of the economy. Real America is still getting back to work.
— Justin Wolfers (@JustinWolfers) February 3, 2023
Notably, a greater or lower NFP number above or below the market’s expectations can affect the price actions of most risk-on cryptocurrencies like Bitcoin and drive the stock market. If the NFP spike is too sudden or higher than predicted, it could affect the stock market, causing it to fall and spread to BTC, as it often correlates with it.
But if the NFP data shows a lower-than-expected number, there’s hope for BTC as it will indicate a weaker dollar and drive a rally for the stock and crypto markets.
Jack Dorsey’s Company Seeks Input on a DIY Bitcoin Mining Project
Block, a payment firm formerly called Square, is seeking input on a do-it-yourself bitcoin mining project with the crypto mining sector. If the project emerges successfully, the MDK (Mining Development Kit) will proffer a ‘collection of tools to developers and bitcoin miners to increase the accessibility of BTC mining.
We are looking at launching a mining development kit (MDK) to help unlock innovation in #bitcoin mining. We’d love your help and welcome you to collaborate and engage with us! Please provide feedback here, or at mining@blocks.xyz. More details here: https://t.co/I6DuyZZ9A2
— Naoise Irwin (@naoise) March 7, 2023
The kit would comprise features including Raspberry Pi (3rd party controllers) and industrial-grade BTC mining hashboard. The kit is also compatible with the custom-designed control board of the firm.
The MDK would comprise an open-source firmware, a web front-end, and a software API to enable developers and bitcoin miners to modify the hashboard’s key performance parameters. Successful integration and development of this Bitcoin mining kit would reduce environmental hazards and possibly impact the price of Bitcoin.
BTC Alternatives
Bitcoin price action leaves investors and traders with a biased perception of whether it’s climbing or crawling back to $18,600. Notwithstanding, there are several alternatives to consider if BTC doesn’t recover.
RobotEra (TARO)
Like Decentraland and The Sandbox, RobotEra is revolutionizing the gaming sector with its metaverse-centered crypto game. Users can explore various in-game opportunities and digital rewards like NFTs using their TARO – the native token of RobotEra.
RobotEra aims to integrate a virtual metaverse in the form of a planet, wherein users can access and explore as NFT characters minted on the blockchain of Ethereum. RobotEra’s presale has raised about $990,000, and the presale price of 1 TARO is $0.02. It is expected to record price growth after some exchanges add it to their products.
C+Charge (CCHG)
With its eco-friendly blockchain technology, C+Charge is replacing the traditional charging pattern of electric vehicle (EV) drivers. EV drivers now receive digital rewards when they pay through the blockchain to charge their vehicles.
The C+Charge smartphone app helps users easily locate charging stations, duration, and prices. The native token for C+Charge is CCHG, which equals $0.018. The token’s presale commenced in December 2022 and has raised over $1.9 million in its 5th stage. Once the presale ends, the price will spike, especially after listing on some crypto exchanges.
EstateX (ESX)
EstateX aims to streamline and modernize the future of real estate investment. The platform makes real estate investment simple, accessible, and affordable for everyone from everywhere. It seeks to accomplish this by proffering ‘fractional ownership’ of assets/properties within the platform’s ecosystem.
Property holders and investors can now easily buy, trade, or sell – with the entire transaction facilitated through ESX, the platform’s native token. EstateX has raised roughly $1 million from private sales since its presale began. Many investors expect the price to climb after the presale, giving them impressive returns.
Fight Out (FGHT)
Fight Out, and its M2E (Move-To-Earn) innovation is skyrocketing the prospect of the fitness industry. Its cutting-edge innovation rewards users with FGHT, the platform’s native token, for using the app. It monitors the physical activities of its users and provides recommended training schedules and tips.
The network allows its users to access classes, comprehensive workout ambiance, and have access to wearable technologies. Fight Out’s presale has raised $5.3 million, with its native token at $0.0261 USDT. Early investors can gain from possible price growth after the ongoing presale.
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