BTC Price Prediction: Today’s Bitcoin Price, 12th March 2023

On early Saturday morning, both Bitcoin (BTC) and Ethereum (ETH) were able to reverse their downward trends and saw increases in value above $20,000 and $1,400, respectively. The weaker US currency, which became negative after the February labour data revealed slower wage growth and a decline in inflationary pressures, can be blamed for this increase, though.

According to the statement, if the Federal Reserve slows the rate of interest rate increases, the US dollar may become less appealing, increasing demand and driving up the price of cryptocurrencies.

We must emphasize that the bitcoin industry is notorious for its strong volatility and frequent price swings. Both Bitcoin and Ethereum suffered significant losses in the preceding week, with BTC falling by 10.88% and ETH falling by 10.94% in value.

The market capitalization of all cryptocurrencies has decreased to $890 billion as a result of the losses suffered by Bitcoin and Ethereum, dropping below the $900 billion level. BTC, which exhibits the capacity to regain some of its lost territory, is one indication that the downturn may be slowing down.

The recent weaker-than-expected US jobs report and the US dollar’s decline may be to blame for this reversal. The cryptocurrency market is very volatile, therefore it’s crucial to be aware that price variations are to be expected.

Today’s Bitcoin Price

DATE	BTC	USD
Today	01	$ 20,402.03

Advertisement

Bitcoin Price Prediction

Bitcoin technical analysis indicates that the BTC/USD pair has broken through the double-bottom support level of $20,350, indicating a severe bearish trend. Bitcoin is now supported at a level of $18,430.

If this level is broken, selling pressure may increase, leading to a further drop towards the $16,400 mark.

On the other hand, the $20,300 resistance level is the first obstacle for Bitcoin. If Bitcoin crosses above this point, it would spark purchasing interest and possibly drive its price up to the $21,400 mark.

There is a chance that Bitcoin might possibly surpass the $25,000 level if the positive trend keeps up.

Advertisement

Also Read

ETH Price Prediction: Today’s Ethereum Price, 12th March 2023

Ether (ETH) has been able to restore some of its calm following...