Bitcoin Price and Ethereum Prediction: US Retail Sales Figures Could Be Key To Market Movement
The rise in cryptocurrency usage has been attributed to a variety of reasons, such as the positive China GDP numbers released last year. Investors have reacted to this data and have actively pursued trades within the market.
China’s 31 provinces and cities have declared economic growth target including GDP of 2023. 23 of them lowered GDP growth target, 5 raised it. GDP growth is set between 4% and 9.5%. Tianjin is 4%, Beijing is 4.5%, others are higher than 5%.Hainan is the highest, 9.5%.#China #GDP pic.twitter.com/evUl74d57o— Vince Ye (@VinceYe6) January 16, 2023
In reality, everything has been working in favor of digital assets, including better-than-expected China GDP figures, increased Bitcoin blockchain activity, cooling inflation, and growing institutional crypto adoption.
Furthermore, the United States was regarded as one of the most welcoming countries for people looking to spend their cryptocurrency on shopping, which has played a significant role in supporting cryptocurrency prices.
US Retail Sales Figures Could Be Key To Market Movement
With the US retail sales figures set to be released today, investors and traders in the crypto space are paying close attention. The figures will provide insight into consumer spending and confidence, which could have a significant impact on the direction of the market.
Busy night ahead for markets:— CommSec (@CommSec) January 18, 2023
– Eurozone CPI (Dec)
– US PPI (Dec)
– US retail sales (Dec)
– US industrial production (Dec)
– 3 x Fed officials speak
– Charles Schwab & Alcoa earnings
With trading volumes up significantly from last week, it is clear that investors are anticipating a shift in market sentiment due to these figures.
According to a survey conducted by Bloomberg, it is expected that there will be a 0.8% decrease in retail sales – this would be the biggest drop since 2022 and it would mark the 3rd decline in four months.
Excluding auto and gas, retail sales are projected to dip by 0.2%, the first time there will have been two consecutive months of declines since April/May 2021. Auto sales were below expectations, and the average cost of unleaded gasoline fell by 7.5% for the sixth month in a row.
2/— Trading Tank (@TheTradingTank) January 16, 2023
US Retail Sales
December retail sales are expected show a rebound to +0.1% MoM thanks to holiday spending and travel. A miss here would be interpreted as bullish for the markets (less inflation) and could send the dollar lower. The opposite is true if there's an upside beat. pic.twitter.com/C7Lxv5ijgC
Analysts predict that if retail sales figures come in better than expected, it could put pressure on cryptocurrencies due to a stronger US dollar.
Currently, the price of a single Bitcoin stands at $21,276 with a 24-hour trading volume of $24 billion. Most impressive is its growth over the past 24 hours, jumping up 0.50% and over 22% in the last seven days.
Bitcoin price predictions have not changed much since our previous forecast on January 17th. Sadly, Bitcoin was unable to break the $21,400 mark and is likely going through a price correction now. T
he closing of candles below this level is signaling that buyers are exhausted and sellers may enter the market if Bitcoin fails to break the $21,400 resistance.
Both RSI and MACD are exhibiting an overbought condition, which could be another reason why investors might expect a bearish correction in BTC. The closing of Doji candles just below this level could also indicate a bearish movement in the near future.
On the lower side, Bitcoin’s immediate support is at the $20,800 level, and a break below this could lead to further selling until the $20,000 mark. Below this, further selling may occur until it reaches around $19,250.
Furthermore, an increase in demand for Bitcoin could drive it past the $21,400 threshold and propel it toward the $22,850 mark.
Ethereum, the world’s second-largest cryptocurrency today, has experienced a solid 18% increase in its price over the past seven days. It is currently being traded at an all-time high of $1,580.
Ethereum prices have been rising steadily, currently found above the major support level of $1,500. If this point is maintained well, it could lead to a rise toward the next resistance level of $1,660.
On the downside, a bearish breakout below the $1,500 level could send ETH price toward the $1,450 or $1,410 levels.
Ethereum is currently exhibiting bullish trends, with the market price for ETH at over $1,550 and the potential to reach its next resistance level of $1,650. This presents a significant investment opportunity with significant gains to be made.
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