Syed Imran Haider 
Bitcoin appears to be treading water as the world’s biggest cryptocurrency struggles to leverage its January enthusiasm.
One of the biggest reasons that BTC and many other cryptocurrencies suffered a setback is the strong employment performance of the U.S. economy for January.
As the country’s employment outlook has been considered positive, Fed announced that inflation is going to be weaker.
This suggests that the U.S. economy can bear the further increase in Fed’s policy rate. As the result, the price of USD has surged and it has put a stop to the prices of digital currencies.
The USD Started Strong Recovery In Terms of Price
As the USD came back stronger it further pressurized the price of Bitcoin. An increase in interest rates in the future has now become the most awaited monetary announcement.
On the other hand, the 43% gain in the price of Bitcoin back in January has rapidly increased the acceptance of Bitcoin for small investors. Some of the smaller crypto wallets have rapidly added Bitcoin.
Investors started to comment that such a situation can send Bitcoin back to the $20k mark. They also stated that if Bitcoin stayed bearish for a longer period of time it can send the entire market back to a bearish trap.
Experts Have Analyzed the Price of Some Renowned CryptocurrenciesÂ
- BTC/USDT
As of this writing, the price of Bitcoin (BTC/USDT) is $22,800. Experts do believe that the current price of Bitcoin is very important for market bulls.
If BTC showed resistance and refused to go down further from this mark they might be able to protect the currency’s upward momentum.
If the price of the world’s most expensive digital currency decreased further below this mark, the chances are very high for it to enter the bearish trend.
In case of price stability, the market bulls will try to push Bitcoin to go over the $24k mark. The future bullish level of resistance for Bitcoin is expected to be at $25,000. However, the further bearish level of resistance for BTC in the future is $2000.
- ETH/USDT
The price of the world’s second-biggest cryptocurrency is on the up as it was valued at $1664, the currency is currently sandwiched between the $16k to $17 mark.
After Yesterday’s announcement from the Visa, the price of ETH surged by ETH. Experts do believe that Ethereum is currently bullish.
Although it is currently moving tight soon it can surpass the $17k mark, the technical indicator of Ether (ETH) is positive and by the end of this year, ETH can rise to the $3k mark.
- BNB/USDT
BNB is the stablecoin and its native cryptocurrency of the Binance blockchain. BNB was one of the best-performing digital tokens in 2022. Now it is one of the best-performing digital currencies of 2023.
Due to the strong buying trend, the price of BNB has reached $330. If the price of the token stayed at the current level for a few more days, BNB may touch the $338 mark by the end of this trading week.
The bulls have snapped the bears and soon the price of the BNB/USDT will be back to $360. Bulls are very confident that the next big hurdle for BNB to cross will be the $400 mark.
- XRP/USDT
Talk of XRP, another alt-coin, the token failed to attract the bulls, and its price today declined as it has reached the $0.40 mark, on 4th Feb 2023, the token was priced at $0.42.
Currently, bears are very strong and they have been guarding XRP at this price level. The strong bears successfully brought the price of XRP down.
Experts have warned investors that they should avoid investment in XRP as chances are very high that the price of XRP might decline further.
- DOGE/USDT
DOGE has often been branded as the leader of the meme coins, but today its price declined and at press time the coin was exchanging hands at $0.09. On Feb 4, 2023, the token was priced at $0.10.
Currently, speaking DOGE is possessed by strong market bears, these bears have strongly dragged the price of DOGE down.
Those investors who are willing to invest in meme coins should look after Tamadoge.
