Bitcoin Price and Ethereum Prediction; US Unemployment Claims to Drive Price Action Today
On December 29, Bitcoin price prediction may shift from bearish to bullish as the upward trendline is supporting the leading crypto at $16,450. Likewise, Ethereum has also halted its downward trend above an upward trendline support level of $1,180 level. Later today, investors' attention will be focused on US jobless claims, which may drive price action.
Major cryptocurrencies were trading in the negative early on December 29 as the global crypto market cap fell 1.51% to $793.46 billion on the previous day. The overall crypto market volume in the last 24 hours has increased by 15.10% to $31.03 billion.
DeFi's total volume is now $2.13 billion, accounting for 6.88% of the overall crypto market 24-hour volume. The overall volume of all stablecoins is now $29.05 billion, accounting for 93.61% of the total 24-hour volume of the crypto market.
In the week ending December 17th, the number of Americans filing for new claims for unemployment benefits rose by 2,000 to 216,000. This was below market expectations of 220,000 and extended signals of a stubbornly tight labor market, adding to hawkish projections for the Federal Reserve along with the upward revision to US GDP.
Weekly fluctuations were smoothed out by a 6,250-point drop in the 4-week moving average, which now sits at 221,750.
For the week ending December 3rd, continuing claims dropped by 6,000 to 1,672,000, the first weekly decline since October but still the second-highest figures since February.
Strong jobless claims data typically drive a bullish trend in the US dollar, followed by a selling trend in Bitcoin and the overall cryptocurrency market.
The current price of a bitcoin is $16,564, and the volume of trades in the last 24 hours is $15 billion. On the 4-hour time
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