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Bitcoin Price and Ethereum Prediction: US Retail Sales Figures Could Be Key To Market Movement

Arslan Butt
Last updated: | 5 min read

Both Bitcoin (BTC) and Ethereum (ETH) have been on a prolonged uptrend and have been gaining popularity, with BTC breaching $21,000 and ETH crossing the $1,500 mark recently.

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.

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.

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.

Retail Sales – Source: Forexfactory

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.

Analysts predict that if retail sales figures come in better than expected, it could put pressure on cryptocurrencies due to a stronger US dollar.

Bitcoin Price 

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.

Bitcoin Price Chart – Source: Tradingview

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 Price 

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.

Ethereum Price Chart – Source: Tradingview

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.

Get Ahead Of The Curve With These Top Picks

Investing in altcoins at presale stage is one of the most lucrative opportunities for investors. With the help of these top picks of altcoins at presale, investors can get ahead of the curve and take advantage of the massive potential these altcoins have to offer.

FightOut (FGHT)

FightOut is an easy and low-cost approach to staying fit and healthy. Personal training can be had at a fraction of the cost using FGHT tokens! It’s the ideal answer for anyone looking to have fun while exercising without breaking their wallet. 

The FGHT presale was a huge success, raising $3 million in funding. All avatar-related activities have been documented and can be used to improve performance evaluation outcomes. Don’t pass up this fantastic opportunity! 

With the discount lasting only 5 days and 20 hours and 60.06 FGHT for every $1 (in ETH or USDT), it is critical to take advantage of this deal as soon as feasible. The FGHT price is projected to rise during the sale time, so act immediately!

Visit FightOut Now

C+Charge (CCHG) 

C+Charge is launching a groundbreaking, blockchain-powered EV payment mechanism. This platform will provide carbon credits to EV drivers in exchange for their first-time charge. 

This has the potential to level the playing field in the carbon credit market, which has traditionally been dominated by a small number of firms. It has the ability to level the playing field and allow more enterprises to enter the market. 

According to analysts, the Voluntary Credit Market (VCM) would be worth $100 billion by 2030. C+Charge, which raised $310,266 in its pre-sale, is already fueling this expansion.

Visit C+Charge Now

Meta Masters Guild (MEMAG)

Don’t pass up the wonderful opportunity to get Meta Masters Guild tickets during their presale; mobile gamers should make the most of this. MEMAG, the Ethereum-based gaming guild’s native token, can be used to incentivize staking and selling. 

This guild offers a unique assortment of Web3 and play-to-earn games with tokenized NFTs that give an engaging gameplay experience. MEMAG’s initial phase cost is $0.007. It is predicted to climb to $0.023 per MEMAG upon introduction, providing early adopters with a staggering 228.5% return on investment. 

Don’t pass up this opportunity; Stage 2 has begun, and MEMAG has now raised $553,390 out of a total of $1,120,000.

Visit Meta Masters Guild Now

Find The Best Price to Buy/Sell Cryptocurrency

Cryptocurrency Price Tracker – Source: Cryptonews