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Bitcoin and Ethereum Price Prediction | US CPI Figures in the Limelight

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Bitcoin and Ethereum Price Prediction | US CPI Figures in the Limelight

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Bitcoin, the largest and most popular digital currency in the world, extended its winning run to nine days and reached an intraday high of roughly $18,224. Meanwhile, Ethereum, the second most valuable cryptocurrency, rose over 5% to $1,401 as a result of Bitcoin's gain.

Simply said, the world's two most popular cryptocurrencies, Bitcoin (BTC) and Ethereum (ETH), have continued to soar this month, adding more than 10% and 17%, respectively, to values around $18,000 and $1,400.

Source - TwitterThe anticipation that inflation would drop and the Federal Reserve would gradually raise interest rates as it neared the end of its aggressive monetary policy tightening campaign was the rationale for the continued upward trend in all digital assets.

Aside from that, several encouraging developments in the cryptocurrency market are taking place, such as Dubai issuing federal regulations and FTX recovering customer funds, both of which are viewed as major factors supporting the world's two most popular cryptocurrencies, Bitcoin (BTC) and Ethereum (ETH).

Source - TwitterEl Salvador, a Central American country, has also just enacted legislation that will allow it to sell Bitcoin-backed bonds. This news has also considerably contributed to the spike in Bitcoin prices.

On Wednesday, the bulk of the 13 bitcoin mining stocks declined, with only six increasing. As a result, despite the fact that it has not yet affected the price of bitcoin, this news was taken adversely.

US CPI Figures in the Limelight

In the United States, inflation is anticipated to fall for the sixth consecutive month, to 6.5% in December 2022 (down from 7.1% in November), the lowest level since October 2021. The CPI is likely to level out in the coming months after climbing for four months in a row and by 0.1% in November.

Annual core inflation is expected to fall to 5.7%, the lowest level in a year, but monthly core inflation is expected to rise at a slightly quicker rate of 0.3%, up from 0.2% in November.

Source - TwitterEven though inflation appears to have peaked at 9.1% in June 2022, it is still more than three times the Fed's 2% target and indicates a broad price increase, particularly in the services sector.

The US consumer price index (CPI) excluding seasonal variables fell 0.1% to 297.711 points in November 2022.

Bitcoin Price

Bitcoin is currently trading at $18,200 mark, with a 24-hour trading volume of $16 billion. Bitcoin is on a bullish streak, but it is presently running into immediate resistance near $18,350. A bullish breakout of this level might push Bitcoin to $19,850 or perhaps higher.

Source - CoinMarketCapEthereum Price

Ethereum's current price is $1,396, with a 24-hour trading volume of $10 billion. The ETH/USD pair has broken past the significant barrier level of $1,350 and is now in route to the next resistance level of $1,500.

On the downside, Ethereum's immediate support is at $1,350, and candles closing above this level are expected to drive a rally. If the $1,400 level is breached, the ETH price may rise to the $1,500 resistance zone.

Source - CoinMarketCap ALSO READ - Bitcoin named dirtiest Cryptocurrency of 2022

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