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Bitcoin and Ethereum Price Prediction | UoM Consumer Sentiment on the Docket

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Bitcoin and Ethereum Price Prediction | UoM Consumer Sentiment on the Docket

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Bitcoin (BTC), the world's largest and most popular digital cryptocurrency, has continued its upward trend, rising 4% in the last 24 hours and more than 12% in the last seven days.

BTC hit a two-month high of more than $18,200, boosting the crypto market's continuous surge after US Consumer Price Index (CPI) data indicated signs of reducing inflation.

As a result, the value of Ethereum, the second largest cryptocurrency, has surged to $1,413 and other coins such as Dogecoin (DOGE), Litecoin (LTC), and Ripple (XRP) are showing signs of life.

Source - TwitterOn the other hand, the negative impacts of the FTX meltdown and its aftereffects on Bitcoin and other digital currencies appear to be dissipating. This occurred after the price of bitcoin reached a two-month high of roughly $18,200.

Surprisingly, Bitcoin's value has climbed by 10% in the last two weeks. Experts believe that this is Bitcoin's longest winning streak. Moving on, the price surge is likely to continue in the following weeks if macroeconomic conditions stay good.

Furthermore, the climate tech investor has proven another beneficial feature of the Bitcoin (BTC) network, meaning that BTC's environmental positives outnumber its negatives by an astonishing 31:1 ratio, which may also explain BTC's general growth pattern.

UoM Consumer Sentiment on the Docket

The preliminary consumer confidence index for the United States increased from 59.1 to 59.7 in December 2022. The expectations subindex increased from 58.4 to 59.9, while the existing conditions subindex decreased from 60.2 to 59.4.

Meanwhile, year-end inflation estimates have been cut to 4.4% from 4.6% in the first estimate, and the 5-year forecast has been cut to 2.9% from 3%.

The Cryptocurrency Market Is Positive

The global cryptocurrency market has been steadily rising and gaining traction throughout the day for the first time in weeks, allowing it to cross the $900 billion milestone. As a result, cryptocurrencies such as Bitcoin (BTC), Ethereum (ETH), and many other coins have grown in value.

However, Bitcoin price hikes happened after data from the US Consumer Price Index (CPI) suggested hints of a decrease in inflation.

Source - TwitterUS Dollar Depreciates

Another element that aided digital currencies was the devaluation of the US dollar. While declining US inflation encouraged hopes that the Federal Reserve will delay the pace of interest rate hikes, the broad US dollar fell to a seven-month low, halting its modest recovery.

Source - TwitterBitcoin Price

Bitcoin is currently selling at $18,800 mark, with a $36 billion 24-hour trading volume. Bitcoin is on fire and has already surpassed $18,500, which is currently acting as an immediate support.

A bullish breakout of this level has opened up more buying opportunities till $19,850, or perhaps higher, to the psychological trading milestone of $20,000. On the downside, the next support level for Bitcoin is $18,400, or $17,300.

Source - CoinMarketCap
Ethereum Price

The current price of Ethereum is $1,408, with a $9.5 billion 24-hour trading volume. The ETH/USD pair has broken over the $1,350 major resistance level and is currently on its way to the $1,500 mark.

On the downside, Ethereum's immediate support barrier is $1,350, and candles closing above this level are projected to fuel a rally. If the $1,430 resistance level is breached, the price of ETH may surge to the $1,500 level.

Source - CoinMarketCapALSO READ - US CPI Figures in the Limelight

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