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Bitcoin and Ethereum Price Predictions: BTC Consolidates at $22,750 Ahead of Further Rise?

On January 23, major cryptocurrencies such as Bitcoin and Ethereum are consolidating in tight ranges as investors appear to be waiting for a strong fundamental reason to trigger a clear trend.

Recently, the two major cryptocurrencies have extended their long streaks of gains and have remained well-hanging around their best levels since mid-September at around $22,700 and $1,630 respectively.

Bitcoin is up around 37% so far this year as investors ignore several market issues, the most recent of which is Genesis Global Holdco LLC filing for bankruptcy protection. under Chapter 11.

However, the current rise could also be attributed to a weaker US dollar and positive statements from the Federal Reserve, as well as positive inflation statistics, which could keep Bitcoin above $22,000 if stock markets continue their recent rise.

The main winners and losers of the cryptocurrency market

Axie Infinity (AXS), Osmosis (OSMO) and Filecoin (FIL) were the top performers over the past 24 hours. OSMO price rose almost 14% to $0.9835, while AXS price rose more than 23% to $11.40. Meanwhile, FIL gained just under 13% to trade at $5.60.

On the other hand, Kava (KAVA) has fallen around 4.45% to $1.03 in the last 24 hours. Casper (CSPR) is down more than 3.35% to around $0.036, and ApeCoin (APE) is down around 10.25% to $5.50.

Bitcoin Hits New Highs After Positive Inflation Stats

Inflation data released on January 12 showed a 0.1% decline in headline inflation for all urban consumers, which appears to have been a major driver behind the rally in BTC and ETH.

Inflation has been falling for six months in a row, statistics show. However, the sharp decline in gasoline prices was one of the biggest declines in the analysis. In fact, prices for new and used cars have dropped as well.

As a result, the data delivered comes with a warning that the cost of services and food remains quite high and is rising at a steady rate.

If inflation has peaked, the Federal Reserve may reconsider its aggressive strategy of raising interest rates.

Many traders agree that Bitcoin prices could rise if the Federal Reserve reverses its current policy of quantitative tightening and interest rate hikes. However, the decision on interest rates is expected the day after the start of the FOMC meetings on January 31st.

The FOMC decision could be influenced by falling inflation figures, which would increase the value of BTC and stocks. Investor confidence in the cryptocurrency market may increase due to statistics indicating that the US Federal Reserve will gradually reduce the increase in interest rates from 2023.

Bitcoin Explodes as US Dollar Plunges

On the other hand, a weaker US dollar is a positive factor for bitcoin price. As we all know, as the US Dollar falls, the positive sentiment towards risky assets such as Bitcoin increases.

As a result, if interest rates start to fall and the economy expands, Bitcoin could continue to rise alongside positive stock markets. The macroeconomic environment influences the price of bitcoin significantly and its monetary component is not less important.

What is driving the recent upturn in the global cryptocurrency market?

The global cryptocurrency market was able to maintain its upward trend and stay well above the $1 trillion mark. However, the reason for its current rally could have to do with institutional investors who are the long-term holders of the largest share of crypto assets, ultimately increasing the demand for BTC.

Another factor supporting the cryptocurrency market is the growing likelihood that the Federal Open Market Committee (FOMC) will only raise interest rates by 25 basis points (0.25 percentage points) at its meeting. February, a reduction from the 50 basis point increases seen in December.

The COVID-19 crisis in China

On the other hand, the rising number of COVID-19 cases in China, which has raised concerns about the country's short-term economic outlook, is expected to impact the cryptocurrency market.

As a result, this is seen as a significant factor that could dampen future bitcoin price gains.

The price of bitcoin

Bitcoin is currently worth $22,780, with a daily trading volume of $23 billion. On a daily time frame, Bitcoin encounters strong resistance at a double top pattern at $22,830. If the candles break below this level, a bearish correction should begin and continue until the $21,500 level is reached.

The RSI and MACD indicators are in the overbought zone indicating the possibility of a bearish correction in BTC as probable. If the price of Bitcoin falls below $21,500, it can go down again to $20,450.

On the upside, however, the immediate resistance in Bitcoin price is $22,800, and a break above this level could see BTC test the $23,900 and $25,150 thresholds.

The value of Ethereum

In the past 24 hours, the value of Ethereum was $1,635, with a trading volume of $7 billion. The ETH/USD pair got immediate support at the $1,610 level, and the close of the candles above this level should lead to a bullish trend for BTC.

On the upside, ETH is likely to find immediate resistance at the $1,675 level, and a break above this level can quickly send ETH towards the $1,750 level.

On the downside, a move below $1,610 could open up more selling opportunities up to a price of $1,550.

3 cryptos to watch out for during their presale

Investing in cryptos can be rewarding for investors, who will be able to collect tokens before their official release. Here are some cryptos that are making headlines these days.

Fight Out (FGHT)

The Fight Out (FGHT) platform works the same way as a personal sports trainer, except that the FGHT token is the reward given for bouts of exercise. All activities are recorded and can be used to improve the statistics of his metaverse avatar. The ability to earn FGHT tokens adds an extra incentive for people to stay healthy and exercise while enjoying the benefits of blockchain technology.

Despite the general lack of liquidity in the cryptocurrency market, Fight Out was successful and attracted investors. Thanks to its token sale, which started last week, it has already raised over $3 million. The current selling price is 60.06 FGHT for $1 (FGHT can be purchased with ETH or USDT) for another 5 days and 20 hours before increasing as the sale progresses.

Discover Fight Out now

C+Load (CCHG)

C+Charge (CCHG) is a Binance Chain-based peer-to-peer payment system for electric vehicle (EV) charging stations. Its aim, which should start in the second quarter of next year, is to increase access to carbon credits by rewarding consumers who charge their electric vehicles at its terminals.

According to forecasters, the project has potential since it will benefit from the expected significant development of the carbon credit market. Coherent Market Insights estimates the market will be worth over $2.4 trillion by 2027, up from around $211.5 billion in 2019.

For C+Charge, the possibility of earning carbon credits is an additional incentive to accelerate the already rapid transition to electric vehicles. The Voluntary Credit Market (VCM) is expected to reach $100 billion by 2030, and analysts believe startups like C+Charge will play a big role in that expansion. So far, the presale has so far raised $335,000.

Discover C+Charge now

Meta Masters Guild (MEMAG)

Today marks the start of presale for Meta Masters Guild, a mobile-focused gaming guild that will create a mix of web3 games and play-to-earn games. Its Ethereum-based games will include playable NFTs as well as incentives that can be redeemed for MEMAG, the company's native token, which can then be staked and sold. It will be available in seven stages, the first of which now offers a MEMAG for $0.007.

Even before MEMAG's IPO, this price will gradually rise to $0.023, an increase of 228.5% for early investors. Meta Masters Guild is expected to grow rapidly when the platform's initial game (Meta Kart Racers) is released in the second quarter of this year.

Don't miss this opportunity: Stage 2 of the sale has started and MEMAG has already raised $1,000,000 out of a total of $1,120,000.

Discover Meta Masters Guild now

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