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Bitcoin Price and Ethereum Prediction – Triangle Breakout Set to Drive 10% BTC Pump

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On November 5, the Bitcoin price exhibited a sharp bullish trend, following the bullish breakout of descending triangle pattern. So far, BTC is up more than 5% to $21,375, and the technical outlook is signaling more upside potential. 

Similarly, Ethereum is following in the footsteps of Bitcoin, rising more than 6% in the last 24 hours to trade at $1,645 as a lower unemployment rate may signal a slower rate hike. 

The global cryptocurrency market cap remains above $1 trillion, sending major cryptocurrencies into positive territory early on November 5. However, the total crypto market volume has remained positive in the last 24 hours, reaching $102 billion.

The United States added 261,000 jobs in October, which was significantly better than predicted, given the continuing slowdown in the job-creation rate. 

While this was happening, average hourly earnings were also trending upward, a sign of sustained inflationary pressures in the labor market.

Top Altcoin Gainers and Losers

Dogecoin (DOGE), Arweave (AR), and Mina (MINA) were the top performers this week. Dogecoin’s price has increased by more than 55% to $0.1349, while Arweave’s price is up by nearly 45% to $15. At the same time, MINA has gained around 6% to trade at $0.7733.

1667633555 87 Bitcoin Price and Ethereum Prediction – Triangle Breakout Set to
Top Altcoin Gainers and Losers – Source: Coin360 

Aptos (APT) has dropped more than 8% to $7.65 in the last 24 hours. Casper (CSPR) is down over 3% to around $0.041, and EthereumPoW (ETHW) is down about 7% to $6.50.

Statement by President Joe Biden on the October Jobs Report

Friday’s employment report showed 261,000 more jobs, and the unemployment rate stayed at a record low of 3.7%. This shows that the job market is getting better. Jobs have been created every month of his presidency, the economy has grown by a record 10 million, and they have added 700,000 manufacturing jobs, which is 137,000 more manufacturing jobs than the US had before the pandemic. 

Black and Hispanic unemployment rates are at historic lows, the GDP is rising, and wages are rising.

Yet, it is clear that the Republican leadership is hoping for a recession, as evidenced by their comments. Biden understands how hard it is on American families due to inflation, which is our biggest economic burden. The rampant inflation in other nations is also affecting the US. 

According to the report, Biden has a strategy to lower prices, particularly those associated with healthcare, electricity, and other necessities. 

Since the US job recovery is still strong, a stronger dollar could keep cryptocurrencies bearish. However, for the time being, Bitcoin and Ethereum are on the rise.

Bitcoin Price 

The current Bitcoin price is $$21,410, and the 24-hour trading volume is $56 billion. Bitcoin has gained over 4% during the Asian session. CoinMarketCap currently ranks it first, with a live market cap of $385 billion, down from $390 billion yesterday.

1667633556 691 Bitcoin Price and Ethereum Prediction – Triangle Breakout Set to
Bitcoin Price & Tokenomics – Source: coinmarketcap

The BTC/USD has breached the major resistance level of $21,000 and is now en route to the net resistance levels of $22,000 and $22,750. Furthermore, the RSI and MACD are currently in the buying zone, indicating that the uptrend is likely to continue. 

1667633556 351 Bitcoin Price and Ethereum Prediction – Triangle Breakout Set to
Bitcoin Price Chart – Source: Tradingview

In addition, BTC has closed a bullish engulfing candle, indicating a strong bullish trend. While the support level remains at $21,000, a break below this level may expose the BTC price to $20,400 or $19,950.

Ethereum Price 

Ethereum’s current price is $1,654, with a 24-hour trading volume of $20 billion. In the last seven days, Ethereum has gained over 4%, and over 4.5% in the last 24 hours. Ethereum is now ranked second on CoinMarketCap, with a live market capitalization of $202 billion, up from $190 billion yesterday.

1667633557 673 Bitcoin Price and Ethereum Prediction – Triangle Breakout Set to
Ethereum Price & Tokenomics – Source: coinmarketcap

The ETH/USD pair broke through the symmetrical triangle that had been extending resistance near $1,600. For the time being, the same level is acting as a support for Ethereum. The 50-day moving average is also extending support at $1,600, and the RSI and MACD indicators are both indicating a bullish bias. A bullish breakout above $1,700 resistance may push ETH toward the $1,760 resistance level. 

1667633557 38 Bitcoin Price and Ethereum Prediction – Triangle Breakout Set to
Ethereum Price Chart – Source: Tradingview

On the bearish side, closing candles below $1,665 have the potential to push ETH to $1,620 or $1,550 today.

Compiled by Coinbold

Top Gainers
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Top Losers
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