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Bitcoin, Ethereum, Dogecoin Rise Amid Positive Economic Data, Analyst Predicts Record High For King Crypto

Author: Mehab Qureshi | May 25, 2023 10:03pm

Major cryptocurrencies showed signs of slight improvement on Thursday as better-than-anticipated unemployment and GDP data came in. However, investors remained narrowly focused on the ongoing discussions to determine whether the U.S. government will default on its debts.

CryptocurrencyGains +/-Price (Recorded 9:30 p.m. EST)
Bitcoin (CRYPTO: BTC)+1.28%$26,429
Ethereum (CRYPTO: ETH)+1.52%$1,803
Dogecoin (CRYPTO: DOGE)+1.15%$0.070

What Happened:  The leading cryptocurrency, in terms of market capitalization, has experienced a setback in the past few weeks due to a combination of macroeconomic uncertainties. 

The most pressing issue is the lingering deadlock over the debt limit, which will ultimately decide if the US government can meet its financial obligations. 

Despite some positive developments as reported by Republican House lawmakers on Thursday, it’s still unclear if the parties involved can reach a resolution in time to prevent a possible government default. 

Top Gainer (24 Hour)

CryptocurrencyGains +/-Price (Recorded 9:30 p.m. EST)
SingularityNET+9%$0.20
Casper+5.23%$0.49
Enjin+3.83%$0.33

At the time of writing, the global crypto market capitalization stood at $1.11 trillion, an increase of 0.96% over the last day. 

The US stock market surged on Thursday following positive quarterly results from Nvidia, which ignited a rally in technology stocks. The tech-heavy Nasdaq popped 1.71% and the S&P 500 climbed 0.88%.

The latest jobs report released on Thursday brings some good news for the American economy. Only 229,000 Americans filed for unemployment benefits last week, which is well below the anticipated number of 245,000. Additionally, the US economy has continued to expand, with a growth rate of 1.3% in the third quarter – marking the third consecutive quarter of growth.

See More: Best Crypto Day Trading Strategies

Analyst Notes: "Bitcoin is hovering above the $26,000 level as traders await to see if increasing bets on Fed rate hikes will continue to drag down cryptos.  Bitcoin is performing better than gold as investors struggle with assessing recessionary fears, positive flows into stocks,  and overall optimism that the US won't default.  Debt ceiling angst remains despite all the optimistic comments from Speaker McCarthy. This latest round of dollar strength probably won't last and it will be interesting to see if market stress eventually triggers flows back into crypto," said Edward Moya, Senior Market Analyst at OANDA.

According to renowned crypto analyst Jason Pizzino, Bitcoin may experience a significant double-digit surge once it surpasses a crucial resistance zone. 

Pizzino highlighted that the $28,000 to $32,000 level is posing a major obstacle for the leading crypto asset. Pizzino believes that once Bitcoin manages to break through this significant resistance, it could potentially surge by as much as 80% from its current price level.

 "So $28,500 to around $32,000 is going to be a key level for Bitcoin to overcome. I suspect when it does, you will start to see less of the bears and more of the bulls,” he said.

According to Pizzino, BTC “will be then looking towards $48,000 as the next level. And of course the all-time highs."

Crypto analyst Micheal Van de Poppe notes that the total market capitalization for crypto is currently holding above the crucial 200-Week MA and EMA levels. These levels are important support that must hold to give way to the next impulse upward. However, if this support fails, Van de Poppe sees a decline in Bitcoin’s value to $20k.

Read Next: Jim Cramer Advises Against Using Binance, Provokes Strong Reactions From Twitter Users

Posted In: $BTC $DOGE $ETH

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