Bitcoin and Ethereum Price Prediction | US Retail Sales Figures Could Be Key to Market Movement
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Both Bitcoin (BTC) and Ethereum (ETH) have been on a protracted climb and have grown in popularity; most recently, BTC broke the $21,000 barrier and ETH crossed the $1,500 barrier.
Numerous factors, including the upbeat China GDP figures reported last year, have been cited as causes for the growth in bitcoin usage. In response to this information, investors have actively chased market trades.
In actuality, everything has been going in favor of digital assets, including better-than-anticipated GDP data for China, increasing activity on the Bitcoin blockchain, reduced inflation, and rising institutional acceptance of cryptocurrencies.
Additionally, the United States was seen as one of the friendliest nations for consumers wishing to use their bitcoin for purchasing, which significantly boosted the value of cryptocurrencies.
US Retail Sales Figures Could Be Key to Market Movement
Investors and traders in the crypto world are closely monitoring today's publication of the US retail sales data. The data will reveal information on consumer spending and confidence, which could have a big impact on the market's course.
Trading volumes have increased dramatically over the previous week, indicating that investors are expecting a change in market sentiment as a result of these numbers.
According to a Bloomberg survey, it is anticipated that retail sales will fall by 0.8%, which would be the worst loss since 2022 and the third dip in four months.
Retail sales are predicted to fall by 0.2% excluding vehicle and petrol, marking the first two consecutive months of decreases since April/May 2021. Automobile sales fell short of forecasts, and for the sixth consecutive month, the average price of unleaded gasoline decreased by 7.5%.
According to analysts, a higher US dollar could weaken cryptocurrencies if retail sales results are better than expected.
The price of a single Bitcoin is currently at $21,200 mark with a 24-hour trading volume of $24 billion. Most notably, it has increased by 0.50% in the last 24 hours and by more than 22% in the last seven days.
Bitcoin price forecasts have not altered significantly since our previous projection on January 17th. Unfortunately, Bitcoin was unable to surpass the $21,400 barrier and is now likely seeing a price drop.
Closing candles below this level indicate that buyers have been fatigued and that sellers may enter the market if Bitcoin fails to break through the $21,400 resistance level.
Ethereum, the world's second-largest cryptocurrency today, has seen its price rise by 18% in the last seven days. It is presently trading at its all-time high of $1,500 mark.
Ethereum prices have been slowly climbing, and are now trading above the important support level of $1,500. If this level is held, it may lead to a rally toward the next resistance level of $1,660.